04 July 2023, Mumbai
Join forces; The Good Fashion Fund, an initiative by Laudes Foundation and Fashion for Good, has invested in Sri Kannapiran Mills Limited, a leading Indian producer of eco-friendly cotton yarn and denim fabrics.
The $2.5 million USD loan will facilitate the replacement and expansion of sustainable equipment in two spinning factories (KG Naidu Mill, Balaji Mill), and a Denim fabric weaving & processing factory (KG Fabriks).
Strong commitment to sustainable practices
Sri Kannapiran Mills Limited, founded in 1946, demonstrates its commitment to sustainability through various initiatives, including its CII GreenCo Gold-rated denim facility, innovative Zero Indigo Discharge technology, and participation in Ellen MacArthur Foundation's Jeans Redesign program.
Recognized as a top workplace, SKML supplies denim fabrics to renowned brands while contributing to sustainable fashion practices.
To enhance sustainability and competitiveness
The investment aims to boost the company's ability to meet manufacturing demands, scale its holistic sustainability approach, and enhance competitiveness in the global supply chain as brands adapt to stricter sustainability standards.
Srihari Balakrishnan, Managing Director of Sri Kannapiran Mills Limited, expressed excitement about the collaboration, stating that the investment would strengthen their commitment to sustainability and position them as a frontrunner in sustainable fashion.
Anticipated positive impact
Anticipated significant savings in energy consumption and material waste reduction are expected to generate positive economic benefits throughout the partnership with the Good Fashion Fund.
Bob Assenberg, Fund Director of Good Fashion Fund, praised SKML for its thoughtful integration of sustainability and continuous improvement, expressing eagerness to commence the partnership.
Anita Chester, Managing Director of Laudes India, emphasized the urgency of addressing sustainability challenges in the fashion industry and the role of such investments in driving progress.
To address key sustainability challenges
The Good Fashion Fund, in collaboration with Laudes Foundation, The Mills Fabrica, and FOUNT, offers long-term USD loans and expertise to manufacturers in Asia, focusing on India and Bangladesh.
Managed by FOUNT, a leading Dutch impact investment firm, the Fund aims to support sustainable practices and economic growth in the industry.
