A sustainable fashion initiative based in Amsterdam, The Netherlands,
Fashion for Good has announced the first beneficiary of its Good Fashion Fund, geared at manufacturing practices with sustainability.
Indian manufacturer Pratibha Syntex Limited, which supplies textiles and garments to fashion giants like C&A, H&M, Patagonia, and Zara, has received a 4.5 million dollars, long-term loan.
Founded in 1997 in Pithampur, India, the company is today reputed as a sustainably oriented, vertically integrated “farm-to-fashion” textile and garment producer employing over 6,000 workers, and connecting 35,000 farmers and apparel brands from over 20 countries.
The company reportedly produces over 40 million garments annually.
However, the new capital has been planned to be used in replacing the company’s machinery and expand its sustainable equipment in its spinning, processing and garmenting divisions, which will lead to a significant reduction in water, energy, and chemical usage, according to Fashion for Good.
“With the capital provided by the Good Fashion Fund, Pratibha Syntex can invest in securing a sustainable future for our processes which will have positive, compounded effects along the value chain,” said Pratibha Syntex managing director Shreyaskar Chaudhary in a release.
The Good Fashion Fund with a target size of 60 million dollars was launched in 2019 as an initiative to champion systemic change in the apparel and footwear supply chain by investing in the implementation of innovative technologies in India, Bangladesh, and Vietnam.
It is a collaboration between Fashion for Good, Laudes Foundation, Hong Kong-based The Mills Fabrica, and advisory firm Fount.
The fund’s director ,Bob Assenberg described the investment made with Pratibha Syntex as “a monumental first step” for the Good Fashion Fund.
“We are very excited partnering with Pratibha and we’re committed to driving positive change in the apparel value chain and look forward to concluding more investments with forward-thinking manufacturers, brands and technology companies in the region,” Assenberg said.