Pratibha Syntex’s first on-site monitoring visit (December 5th) follows the final disbursement of a loan provided by the Good Fashion Fund to an Indian manufacturer in June 2022, followed by the spinning, processing and garment sector. It is said to be profitable. In terms of economic, environmental and social impact.
The Good Fashion Fund, led by Fashion for Good and the Laudes Foundation, jointly signed a US$4.5 million long-term loan in 2020 to advance sustainable manufacturing practices.
The visit, supported by Fashion for Good Fund advisors Sphera, the Fairwear Foundation, Global CAD and Adelphi, demonstrated the effectiveness of the new device across all key areas, specifically the three commodities of energy and water. It turns out that the threshold of 50% savings has already been exceeded. and materials).
Fashion for Good says:
Shreyaskar Chaudhary, Managing Director of Pratibha Syntex Limited said: We are very happy with our partnership and excited to continue our journey of positive impact. ”
Since the investment was made, Pratibha Syntex has installed new spinning equipment, solar panels, continuous tumble dryers and enhanced wastewater treatment.
Good Fashion Fund Director Bernadette Blom added: The initial environmental, social and financial impact of our investments has exceeded expectations and is in line with our mission to connect impact technology to industry and work together to meet that challenge. The results of the monitoring visits show that sustainability is deeply ingrained in their DNA and fully aligned with the Good Fashion Fund’s objectives. We will continue to invest in apparel manufacturers in India and Bangladesh to demonstrate how to deliver on good fashion practices, economic growth and fair employment, and go beyond sustainability to invest towards a recovering and regenerating apparel supply chain. increase. ”
Apart from manufacturing cotton, textiles, fabrics and apparel, Pratibha Syntex also engages in social initiatives to create jobs for women in rural areas. We actively promote women’s empowerment and diversity with the aim of increasing the number of women who are directly involved in senior management and who understand and engage with the business as a whole.
Fashion for Good is a global initiative aimed at driving change and a collective movement to make fashion a force for good. The organization works directly with the fashion industry to innovate towards better solutions for people and the planet, empowering behavioral change through Amsterdam’s Sustainable Fashion Museum.
The Good Fashion Fund’s vision is to empower manufacturers in the apparel supply chain in countries such as India, Bangladesh and Vietnam to mobilize the use of safe, recyclable materials, clean and efficient energy to drive economic growth and good fashion practices. Invest in impact technology that delivers both. , closed-loop manufacturing, creating fair jobs and growth.
In September, Pratibha Syntex announced an 11% reduction in carbon emissions at its factory. The clothing manufacturer aims to reduce 80% of its Scope 1 and Scope 2 greenhouse gas emissions by 2025.