A Memorandum of Understanding (MoU) has been signed between Good Fashion Fund and Indian Textile Federation (ITF) to jointly promote sustainability and innovation among the members of the ITF.
The Good Fashion Fund is a first-of-its-kind initiative by Laudes Foundation and Fashion for Good. The fund was established to create systemic change in the textile and apparel industry by encouraging mainstream uptake of impactful and disruptive production technologies.
The fund aims to encourage the use of safe and recyclable materials, clean and efficient energy, reduction of water use and waste (water) and the creation of better working conditions and fair jobs for workers.
In a press release Prabhu Dhamodharan, Convenor ITF informed that MOU was signed during an interactive session organised by the ITF in which 50 textile entrepreneurs participated.
Addressing the session Bob Assenberg – Fund Director, Good Fashion Fund, explained the opportunities in investing in sustainability while Srihari Balakrishnan – MD, Sri Kannapiran Mills, shared his experience of making sustainable products with a long-term vision with a clear focus on branding and marketing.
Prabu Dhamodharan said that an initiative like this will help manufacturers to explore new sustainability and cost initiatives and also get meaningful inputs through partnership with Good Fashion Fund, on best practices in the industry.
