Patagonia supplier becomes first Good Fashion Fund beneficiary
07/07/2021
The Good Fashion Fund, the Fashion for Good-initiated fund to drive sustainable manufacturing practices, has signed its first deal, with Indian manufacturer Pratibha Syntex (pictured).
The $4.5 million loan will help the manufacturer replace old machinery and buy equipment for its spinning, processing and garment divisions.
Pratibha Syntex was founded in 1997 in Pithampur and employs over 6,000, producing more than 40 million garments annually for brands including Patagonia, Zara, C&A and H&M.
It is also engaged in social initiatives to generate employment for women in rural communities.
Managing director Shreyaskar Chaudhary said: “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.”
The new equipment will lead to a significant reduction in water, energy and chemical usage. This will enable Pratibha to meet the manufacturing demands of its clients, whilst furthering its ambitions to become climate positive.
The Good Fashion Fund was launched in 2019 and is a collaboration between Laudes Foundation, Hong Kong based The Mills Fabrica and FOUNT.
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