Good Fashion Fund grant already bearing fruit in India
Fashion For Good, the Amsterdam-based hub that aims to help companies in the fashion supply chain work with innovative technology providers to make clothes more sustainable, has reported on progress of work that has taken place thanks to an initiative it set up two years ago.
Working with philanthropic organisation the Laudes Foundation (formerly the C&A Foundation), Fashion For Good set up the Good Fashion Fund in 2020. The first grant it awarded was to Indian textile manufacturer Pratibha Syntex Limited, presenting it with a long-term loan of $4.5 million.
In a recent statement following an on-site monitoring visit, Fashion For Good said the final tranche of money had reached Pratibha Syntex in July this year and that the investment was already bearing fruit, helping to fund projects that have had a positive financial, environmental and social impact on the group’s spinning, processing and garment-manufacturing divisions.
It said Pratibha Syntex had used the money to upgrade its machinery and to provide solar panels, drying equipment and enhancements to its wastewater treatment. The new technology had helped the group achieve energy, water and raw material savings of more than 50% compared to the consumption levels of the old machinery.
