Good Fashion Fund to assist Pratibha Syntex to go sustainable

YarnsandFibers News Bureau 2021-06-29 13:55:14 – Netherlands

Pratibha Syntex Limited, an Indian manufacturer, has struck an agreement with the Good Fashion Fund, a fund established by Fashion for Good to promote sustainable manufacturing practices. Pratibha Syntex's anticipated capital expenditures for updating machinery and expanding sustainable equipment in several divisions will be supported by the $4.5 million long-term loans.

The $4.5 million investment will be used to replace gear in the spinning, processing, and garmenting divisions, as well as to purchase new equipment to expand their operations and facilities. Water, energy, and chemical consumption will all be reduced significantly as a result of the new technology. This would allow Pratibha Syntex to satisfy its clients' production needs while also advancing its sustainability agenda in order to achieve its climate-friendly goals.

Pratibha Syntex provides textiles and apparel to well-known companies such as C&A, H&M, Patagonia, and Zara. It was formed in 1997 in Pithampur, India, as a vertically integrated ‘farm-to-fashion' textile and garment company. Over 6,000 people work for the firm, which connects 35,000 farmers with textile manufacturers from over 20 countries, producing over 40 million outfits each year.

In a press release, Netherlands-based Fashion for Good said Pratibha Syntex Limited, in addition to producing cotton, fibers, textiles, and clothing, is involved in social projects to provide jobs for women in rural communities.

Managing director of Pratibha Syntex Limited, Shreyaskar Chaudhary, said Pratibha Syntex can invest in guaranteeing a sustainable future for their processes with the cash given by the Good Fashion Fund, which will have positive, compounding impacts across the value chain. They're thrilled with the collaboration and can't wait to keep moving forward on their journey to good change.

The Good Fashion Fund is a partnership between Laudes Foundation, Hong Kong-based The Mills Fabrica, and FOUNT, and was established by Fashion for Good in 2019. The Good Fashion Fund's aim is to enable clothing supply chain businesses to invest and reinvest in technologies that provide both economic growth and good fashion practice.

The fund, which has a goal size of $60 million, offers long-term support to Asian clothing and textile producers, primarily in India, Bangladesh, and Vietnam, to deploy impact technologies. The fund's goal is to promote the use of safe, recyclable materials, clean, efficient energy, closed-loop manufacturing, and the establishment of improved working conditions, fair jobs, and economic growth.

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