Sourcery Invites 10 Denim Mills to Join as Provisional Partners with Potential Stock Options
FOR IMMEDIATE RELEASE
[April 18, 2024, Amsterdam] – Sourcery today announced the expansion of its Provisional Partnership Programme, which has proven successful in India and Pakistan, inviting up to ten front-runner and visionary denim mills, manufacturers and verticals from Pakistan, Bangladesh, Vietnam, Türkiye, and Italy as a Provisional Direct-to-Grower™ Manufacturer Partner. By adopting and taking the Direct-to-Grower approach, Provisional Partners will be able to “test-drive” Sourcery, buying cotton fibre directly from growers and selling denim yarn and fabric to other Direct-to-Grower™ Partners, without any upfront membership fee. They will also be among the first mills to have the opportunity to participate in Sourcery’s forthcoming stock option subscription programme that will be available to all its member Partners—allowing the sector itself to take ownership in and lead the future of trade as a global cooperative committed to transforming trade for good.
The Provisional Partnership Programme was initiated to drive stronger demand in the market with Direct-to-Grower™ Partners downstream into the entire cotton value chain. This model has been proven successful in India, and Pakistan, where several spinning mills, manufacturers and verticals have been pre-qualified to join the Direct-to-Grower™ Programme as Provisional Partners. Recent Provisional Partners include leading spinning mills such as Shivatex, Armstrong India, Unitech Spinner, Nahar Spinning, Ken Enterprises, Ramco Group and GTN Textiles and several who continue with the application and onboarding process. Together, these Provisional Manufacturer Partners have begun their journey to transform trade for good. Despite lower than usual fibre demand, they remain committed to directing more demand toward Sourcery Grower Partners because of the added transparency, traceability, and trust that comes with buying through the Sourcery Partner network.
Provisional Partners can immediately engage, collaborate, and procure fibre and sell yarn, fabric and finished goods in a more transparent, fair, and efficient way and can benefit from Sourcery’s full suite of Direct-to-Grower Solutions. As a trade intermediary and facilitator driving demand and securing supply on behalf of its Partners, Sourcery never charges a commission fee on fibre, yarn, or fabric transactions. This not only means substantial potential cost savings for these Partners compared with traditional buying and sales approaches, but it also means being able to invest more in advancing commercial and environmental excellence in their own operations and support the continued advancement of other Grower and Manufacturer Partners needed to transform trade for good. Together, Partners can collaborate to confidently offer and sell products with the quality, integrity, traceability and verified impact at the farm level that is required by brands and retailers to ensure compliance to new international trade and ‘greenwashing’ legislation in the United States, Europe, and the United Kingdom.
“The denim industry is often the first to adopt new fibres, processes, technology than other textile categories who tend to be less forward thinking and responsive.,” said Crispin Argento, Global Managing Director of Sourcery. By specifically inviting the denim community to join not just as future members, but to also take ownership in Sourcery is very much a part of our approach to transforming the “impact paradigm” whereby growers, traders, mills, and brands can better collaborate, define, and now own the future of sustainable cotton and transparent trade.”
Sourcery will be attending Kingpins 2024 in Amsterdam to promote its Provisional Partnership Programme for the denim industry. You can apply here or schedule a meeting at Kingpins with Crispin Argento via connect@thesourcery.io.
Newest Provisional Partners in India include:
Shiva Texyarn: Shiva Texyarn produces and exports a wide range of high-quality yarns and fabrics that meet international standards. Their products are used both domestically and internationally, and they contribute to India's textile exports.
Unitech Spinner: The primary focus of Unitech Spinner is on the production and export of textile products from Gujarat, India. Their product range includes several types of yarns, such as cotton yarn and specialty yarns.
Armstrong India: Armstrong is a textile conglomerate that has been catering to the international market for 55 years. They are pioneers in sustainable textiles and offer a vertical setup covering the entire process from farming to fashion. By using Armstrong products, brands can achieve their sustainability goals.
Nahar Spinning Mills: Nahar Spinning Mills Limited has become a recognized "Export House" and a "Recognized Trading House" by the Indian government. With a spindlage capacity of approximately 5.74 Lacs Spindles and 1080 Rotors, Nahar Spinning Mills has diversified into the Spinning Industry and exports products to renowned international brands. The company operates across multiple locations and serves export markets in the USA, UK, France, Brazil, and other countries.
Ken Enterprises: Ken Enterprises is a premier textile company that focuses on manufacturing, sourcing, and exporting textiles. Their goal is to exceed expectations and build strong relationships with customers by maximizing resource utilization, driving innovation, and ensuring timely delivery of quality products. They value honesty, integrity, and ethical engagements with stakeholders and aim to become a 1000 crore company by 2030.
Ramco Group: Ramco Group is a well-established textile company based in Tamil Nadu, India, with a legacy of producing high-quality yarns, fabrics, and garments since 1936. The company is known for its commitment to quality, innovation, and sustainability, making it a respected name in the industry.
GTN Textiles Limited: GTN Textiles Ltd in Cochin, India, is a reputable company that produces and exports a wide range of fabrics, including cotton, polyester, and blends, for various applications. The company is committed to ethical business practices and strives to minimise its environmental impact through sustainable production methods.
NOTES FOR EDITORS:
For press inquiries reach out to Eva Sirch, Marketing and Communications Director, Global. You can also schedule a direct meeting with Eva at Kingpins 2024 in Amsterdam from April 24-25.
eva@thesourcery.io
About Sourcery: Sourcery is a member-driven (soon member-owned) global sourcing solution that connects brands, manufacturers, and growers to secure and transact fibre, yarn and fabric with full transparency, traceability and verified impact. Through their transformative approach to sourcing, called Direct-to-Grower™, Sourcery empowers its Partners to drive meaningful and measurable commercial and environmental value that has a profound and positive impact from growers to consumers.
The Impact and Assurance Programme and the Sourcery Connect App are part of a three-year plan to transform trade for good that includes further development of a digital global trading platform for buying fibre, yarn and fabric and impact data.
Sourcery’s forthcoming stock option subscription programme is available to all Partner members who commit to transforming trade for good for a minimum period of five (5) years and meet minimum volume of total fibre, yarn, and fabric volume targets during this period. Sourcery is reserving up to a maximum of 80% of its shares to its Partners.
To learn more, visit: thesourcery.io
