KG Fabriks owner benefits from financial boost
05/07/2023
This will enable SKML to meet the manufacturing demands of its clients and support the company on scaling their sustainability approach and become more competitive in the global supply chain.
Significant positive savings are expected as a result of the planned modernisation, particularly in energy consumption and material waste reduction.
Srihari Balakrishnan, managing director of Sri Kannapiran Mills, said: “We are delighted to be working with Good Fashion Fund and this investment helps us dig deeper into sustainable practices. The positive impact investment will help our company nurture growth and make it stronger.”
SKML employs over 2500 workers, of which more than 45% are female workers and more than 50% are migrant workers from other states. The company’s operations are spread across seven manufacturing facilities in and around Coimbatore city in the state of Tamil Nadu. SKML, through its fabrics division (KG Fabriks) supplies to Tier 1 factories of brands such as TESCO, Sainsbury, Lucy & Yak, Next, ASOS and Levi Strauss.
The Good Fashion Fund (GFF), is initiated by Fashion for Good and is a collaboration between Laudes Foundation, The Mills Fabrica and FOUNT complemented by Rabobank as lender to the Fund. The Fund provides long-term USD loans in addition to technical and environmental and social expertise to manufacturers in Asia, primarily India and Bangladesh.
Partners of the GFF also include Pratibha Syntex, a vertically-integrated ‘farm-to-fashion’ textile and garment producer in India and Progress Apparels, a ready-made garment producer in Bangladesh.
Left to right; Mr Jayaraj K (SKML); Mr Krishnakumar G (SKML); Mr Seenivasahan (SKML); Mr Srihari Balakrishnan (SKML); Bob Assenberg (GFF); Buck van der Kolk (GFF); Jayanth Kashyap Balasubramanian (GFF)
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