Pratibha Syntex’s first on-site monitoring visit (5 December), following the final disbursement of the loan in June 2022, which was given to the Indian manufacturer by the Good Fashion Fund, is already said to be benefiting the spinning, processing and garment divisions from a financial, environmental and social impact point of view.
The Good Fashion Fund, which is led by Fashion for Good and the Laudes Foundation collectively signed the US$4.5m long-term loan in 2020 to drive sustainable manufacturing practices.
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The visit, which was supported Fashion for Good Fund’s advisors Sphera, Fairwear Foundation, Global CAD and Adelphi, found the impact results of the new equipment already surpass the threshold of 50% savings in all key areas (specifically the three goods: energy, water and materials).
Fashion for Good said: “All parties were impressed with the progress made on the environmental and social action items and particularly with the roadmap developed by Pratibha Syntex Limited for further improvements as part of their vision for 2025 and beyond.”
Shreyaskar Chaudhary, managing director of Pratibha Syntex Limited 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. We’re extremely pleased with the partnership and excited to continue on our journey for positive impact.”
Since the investment was made, Pratibha Syntex has installed new spinning equipment, solar panels, a continuous tumble dryer, and made enhancements to effluent treatment.
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By GlobalDataBernadette Blom, director of the Good Fashion Fund added: “We are very pleased with the partnership with Pratibha Syntex Limited, a frontrunner in terms of sustainability. The first environmental, social and financial impact resulting from our investment are above expectation and in line with our mission to connect impact technologies to the industry to collaboratively tackle its challenges. It is clear from the results of the monitoring visit that sustainability is ingrained in their DNA and thus fully aligned with the objectives of the Good Fashion Fund. We will continue to invest in apparel manufacturers in India and Bangladesh to deliver good fashion practice, economic growth and fair jobs – demonstrating how to invest beyond sustainability and towards a restorative and regenerative apparel supply chain.”
Apart from manufacturing cotton, fibres, fabrics and apparel, Pratibha Syntex is also engaged in social initiatives to generate employment for women in rural communities. It is actively promoting women empowerment and diversity with the aim to increase the number of women in supervisory roles and others engaging directly with senior management to understand and become involved in the entire business.
Fashion for Good is a global initiative that aims to inspire change and drive the collective movement to make fashion a force for good. The organisation works directly with the fashion industry to innovate towards solutions that are better for people and the planet and empower behaviour change through its sustainable fashion museum in Amsterdam.
The Good Fashion Fund’s vision is for manufacturers in the apparel supply chain such as those in India, Bangladesh, Vietnam to invest in impact technologies that deliver both economic growth and good fashion practice, mobilising the use of safe and recyclable materials, clean and efficient energy, closed-loop manufacturing and the creation of fair jobs and growth.
