XYZ Group is a leading apparel manufacturer in Bangladesh with over 50,000 employees across 26 garment and textile factories. Founded in 1980, the group has vertically integrated operations including spinning, weaving, dyeing and garment production. The textile industry in Bangladesh faces challenges like rising cotton prices and supply chain disruptions from the pandemic. XYZ is considering investing in recycled cotton to reduce environmental impacts and contain costs while ensuring sustainability. Recycling 35% of textile waste could generate $1.2 billion annually for Bangladesh's industry. Using recycled materials significantly lowers greenhouse gas emissions and environmental impacts compared to virgin cotton production.

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Company XYZ: Road to establish net zero apparel manufacturing
Introduction:
Bangladesh’s textiles and clothing is divided into the Textiles sector and the export-oriented RMG sector.
The textiles segment in general spans everything from the conversion of raw cotton to yarn through spinning
yarn to weaving gray fabrics as well as finishing, dyeing and printing of gray fabrics. One of the critical sub-
sectors of the textiles segment is the spinning industry which acts as a backbone of the RMG value chain
because it provides the backward linkage for both the knit and woven sectors which ultimately results in a
stabilized value chain and controlled costs. The products of the spinning sub-sector are cotton yarn,
polyester, synthetic yarn, woolen yarn and blended yarn mixed of cotton and polyester of different counts
(mostly up to 80 count). The manufactured yarns are also being used by the sub-sectors like specialized
textiles, handlooms and knitting and hosiery within the weaving industry.
XYZ Group was founded in 1980 by Mr. AVP with a small RMG manufacturing factory in Dhaka. The group
has grown over the years to become one of the leading apparel manufacturers in Bangladesh, exporting
globally to renowned apparel retailers and employing more than 50,000 workers in its garments and textile
factories. The group has formed a vertical integrated operation with front-end entities present in the (woven
& knit) garments manufacturing/ exporting operations supported by integrated denim
fabrics/washing/spinning/printing/embroidery/packaging operations and have invested heavily since the
last few years towards strengthening their verticality considering growing demand of buyers for reduced
lead time vide establish textile operations to support in-house fabric requirement and strengthen localized
supply chain while having control over a major portion of the value chain within their visibility. Notable that
they are also focusing on sustainability in their production modus operandi and working towards reducing
impacts of their operations on the environment.
Having said the above, considering Bangladesh is not a major cotton producing country major challenge
yet remains import of cotton and associated cost this sector. Cotton, linen and other man-made fibre such
viscose modal, polyester, staple fibre are the raw materials for the spinning sub-sector. Since cotton is the
primary raw material, international price volatility has direct impact on yarn prices and the spinning industry.
Bangladesh’s cotton traders have expressed their concern over the rising prices of cotton fueled by the gap
in supply and demand. The global cotton index has been rising since July 2021 and has maintained a rising
trend till January 2022. The increase in prices is further exacerbated by the fact that Bangladesh is the
second-largest cotton importer in the world, with an import forecast of 7.6 million bales in MY 2021/2022
due to high demand for locally spurn yarn. The domestic consumption of cotton in MY 2021/22 is forecasted
at 7.9 million bales, which is approximately the same consumption levels as MY 2020/21, due to sustained
demand for yarn, fabric, apparel, and garments as the world economies slowly recover from the pandemic.
On the other hand, in MY 2021/22, Bangladesh’s raw cotton production is forecast to slightly increase over
MY 2020/21 to 149,000 bales. Moreover, the continued supply chain disruption hitting the textile industry
since the pandemic. The textile sector, which is time sensitive, and must quickly adapt to seasonal changes
and fashion trends, are yet facing logistic challenges and higher cost in light of the said disruption. XYZ
group is also being affected by these issues and are thinking their way out of these challenges to contain
sustainability in their operations while catapult more value chain visibility vide usage of recycled cotton in
their operations However, the industry is yet to get accustomed to this stigma and XYZ is yet under
consideration of investing in this arena.

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XYZ Group
XYZ group, led by Mr. AVP operates with 26 garment/textile factories with 300+ production line with
7M+/month production capacity and employs c. 50K workers. The group is reckoned to be one of the largest
RMG operations of the country, exporting wearing apparel to international buyers including VF, GAP,
American Eagle, Abercrombie & Fitch, Next, Zara, H&M, Kohls, etc. XYZ group has formed a vertical
integrated operation with front-end entities present in the (woven & knit) garments manufacturing/ exporting
operations supported by integrated denim fabrics/washing/spinning/printing/embroidery/packaging
operations since 1980. The group also has diversified business interest in media (daily newspaper and TV
channel), tea gardens, etc. Group’s annual turnover is c. USD400M in FY21 with RMG/textile contributing
to 97% of group revenue. Over the years the group has expanded its capacity and strengthened its
backward linkage through establishing fabric manufacturing, fabric dyeing, printing and finishing units. The
group has also invested in sustainability, adopting technologies to minimize and reuse water in its
production processes, installing fire safety equipment and processes within its factories and ensuring
structural compliance of its factories in accordance to ACCORD and ALLIANCE2 recommendations. The
group remains a family owned business with Mr. XYZ’s wife residing as Chairman and himself as the
Managing Director. They have 3 children with eldest son already having his doctoral studies done in regard
to environment & sustainability, looking into the business while rest pursuing business degrees abroad. Mr.
AVP maintains a professional management team which overlooks the operational aspects of the business.
Management Structure:
XYZ is group of companies with Mr. AVP as the key sponsor and decision maker. Mr. AVP, well regarded
in the business community, owing to his acumen and industry experience, is responsible for the strategic
decision-making of all group entities. The other shareholder Mr. ABC is the business partner of Mr. AVP.
Mr. ABC is responsible for operational activities of group concerns. The group benefits from a professional
and well-defined management set-up, which supports the effective succession plan for the companies.
Management panel of the group is as below:
Name Designation Responsibility Experience
Mr. AVP Managing Director Key decision maker of the group Masters in Applied Physics, Dhaka
University. Has 21 + years of
experience in RMG.
Mr. PQR Deputy Managing
Director
In-charge of Production,
compliance, Admin etc.
20+ years with the group
Mr. AML Deputy Managing
Directed
Finance and investment advisory MBA. Retired Director of EPB
Mr. POL Executive Director Finance and Accounts FCA, 18+ years experienced
Mr. DAK GM, Commercial In charge of Commercial
Department
16+ years of experience in RMG
Mr. AOL Executive Director In charge of overall operation of
Ha-Meem Denim Ltd & Ha-Meem
Spinning
9+ years of experience in Textile
sector
Mr. AVP, the Managing Director, is in his mid-fifties and is in good health. His son Mr. CARM has completed
his doctoral studies from UAS on environment & sustainability and is actively involved in the business.
Industry:
Spinning/Textile
Production Capacity: From 2006 to 2019, the number of spinning mills in Bangladesh has increased from
260 to 433 and the spindle capacity has increased from 5.5 million Kgs to 13.43 million Kgs (an increase

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of 144%). The spinning industry witnessed its highest growth from 2012-13 to 2018-19, when local yarn
consumption doubled from 11 lakh tonnes in FY 2012-13 to 22 lakh tonnes in FY 2018-2019. Currently,
13.5 million spindles are used to manufacture textile raw materials. In the next two years, Bangladesh's
yarn production capacity is expected to see addition of 2.5 million spindles. Currentl, 90 per cent yarn
demand for knit and 35-40 per cent yarn demand for woven items are met locally.
Competitive advantage: The main driver of continued growth and competitive advantage over foreign
supplies of yarn has been the consistent quality, proximity to the RMG buyers, competitive labor cost,
favorable government policy and presence of vertically integrated local RMG value chain. (Source: USDA)
Bangladesh shipped yarn and fabrics worth $154.29 million in the last financial year of 2020-21, up 15.52
per cent year-on-year. Key markets include: Turkey, China, Vietnam, Sri Lanka, India. Furthermore, textile
millers in Vietnam, South Korea, Egypt and Taiwan are lobbying BTMA (Bangladesh Textile Mills
Association) to import yarn products from Bangladesh.
Increase in investment: In 2021, an investment of Tk 5970 crore was made in 26 new spinning mills which
brings the total investment in primary textile to 15 billion USD so far. Most of these investments have gone
into man-made fibre. By 2025, the total investment in primary textile is expected to reach 20 billion USD.
(Source: Daily star)
Shift towards synthetic yarn: Bangladeshi spinning sub-sector was previously dependent on cotton yard to
drive its growth. However, demand for cotton yarn has fallen by 35 per cent on the global market as buyer
preferences have towards synthetic and mixed yarn-based fabrics. To reduce this reliance, some leading
Bangladeshi spinning mills have invested in setting up synthetic yarn units.
Increase in exports: Yarn, fabrics and waste yarn worth $80.48 million were exported from Bangladesh in
the July to November period, registering a 38.73 per cent year-on-year growth, according to data from the
Export Promotion Bureau. This growth can be attributed to the global high demand of denim yarn and
fabrics in recent times and expansion of capacity by the local spinners.
RMG/Apparel:
The total apparel clothing market size (FOB) stood at 465.25 billion USD as of 2020, whereas the retail
market size stood at 1.55 trillion USD. 38% of the global apparel demand is generated from Asia pacific,
26% from Europe, 22% from North America and 14% is generated from rest of the world. The primary key
drivers of the growth of the global clothing market has been: globalization of western fashion trends driven
by social media and increased travel, growth of wealthy urban middle class populations in emerging
markets and to a lesser extent in developed markets, growth in online sales, driven structural shift in
consumer spending patterns
Bangladesh’s sustained growth in the RMG sector in recent years can be attributed to:
 The increase in demand as an effect of the US-China Trade war
 Growth of exports to non-traditional markets such as Africa
 As majority of the buyers employ a China+1 strategy, Vietnam and Bangladesh remain the preferred
destination due to lower labor & overhead costs.
 In the absence of a diversified economy the industry holds the key to prosperity in Bangladesh. Policy
support continues in the form of Bonded warehouse (Duty free import) facility, tax concessions tax
holiday, cash incentives, and lobbying to obtain preferential market access, etc.
 Industry has adequate backward linkage industries (in particular for knit garments). Factory surveys by
ACCORD and ALLIANCE have resolved the sustainability risks of the industry to a large extent
 Bangladesh has been exporting RMG to both North America and European market. Buyers are well
diversified and new brand buyers are providing new orders in Bangladesh due to lower cost of apparel

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and quality production capability. In order to further diversify, some of the RMG exporters are looking
for exploring higher exports to Japan, Australia, Canada etc.
Challenges & Opportunities:
RMG exports reviving: In 2020, since a lot of the factories in Bangladesh had to close down due to the
COVID-19 pandemic, Vietnam surpassed Bangladesh as the 2nd largest apparel exporter, when it earned
$29.80 billion as opposed to Bangladesh’s $27.47 billion. However, in 2021 Bangladesh reclaimed its
position as its exports grew by 30.36% to $35.81 billion USD while Vietnam’s exports rose by 9.89% to
$32.75 billion USD. Knitwear products mainly drove this growth, registering a growth of 37.72% from the
previous year. As of the beginning of 2022, the number of orders are 20-25 % higher than usual which is
causing all of the operational factories, including the second-tier ones, to be stacked with orders.
Foreign buyers continue the China+1 strategy: In 2010, China was the largest exporter of clothing with a
market share of 36.6% but in 2020, China’s share has dropped to 31.6%, while Bangladesh and Vietnam’s
share has risen from 4.2% and 2.9% to 6.3% and 6.4% as of 2020. Factors such as China’s increasing
labor wages, increasing focus on catering to domestic demand, US-China trade war have prompted major
brands to shift production to countries such as Bangladesh and Vietnam. According to RMG Bangladesh,
as China’s exports to USA is expected to halve in the next 5-10 years, opportunities will arise for
Bangladesh to take a bigger stake in the global market share.
RMG production costs continue to rise: In November 2021, the government of Bangladesh increased the
price of diesel by 23%, leading to increased costs of power generation, transportation, and raw materials
and services in the textile and RMG sectors. In addition, in the past year, yarn prices have risen by 6%,
container fares by 350 to 500%, dye chemical costs by 4%, wages by 7.5%, and electricity by 13%. BGMEA
has projected a 5% rise in RMG production costs.
Transport costs bear down on exporters: As the global economy reopened, garment exporters felt the pinch
of exorbitant transportation fares due to increasing demand for trucks and covered vans. Trucks and
container drivers with a capacity to carry 6-7 tonnes of goods are charging as much as BDT 20,000 and
25,000 respectively to take apparel items from Dhaka and its adjacent areas to the Chattogram port. In
normal times, the fare ranges from BDT 10,000 to 12,000.
Shortage of raw materials and workers causing production problems: According the BGMEA database,
before COVID-19, there were roughly 4.4 million workers and now it has come down to 3.3 million. But to
sustain the current demand of the market we need at least 3.8 million workers. Furthermore, shortage of
raw materials and yarn is also a lingering problem. These shortages are causing production inefficiencies,
which eventually result in the delay of shipments.
Outlook for Bangladesh continues to be remain positive for the next decade as buyers continue to employ
the China+1 strategy where Bangladesh and Vietnam compete as the first choice after China. Due
increased demand, industry insiders expect the apparel export earnings to reach 50 billion USD.
Furthermore, according to BGMEA, the manufacturers are booked with orders until at least July 2022, all
of which points to a strong revival from the COVID-19 pandemic. However, according to a recent World
Trade Organisation (WTO) competitiveness report, in terms of product quality, lead time, and sustainability,
Bangladesh’s clothing sector is not as good as its neck and neck market peer Vietnam, as Dhaka scores
remarkably low than Hanoi on ten indices out of a total of twelve. Furthermore, Vietnam can deliver the final
product to the European buyers 10-15 days earlier than Bangladesh. Therefore, Bangladesh needs to take
its production costs under control and overcome the challenges mentioned above in order to take an edge
over Vietnam which is expected to put up a tough fight.

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Industry Wastage & Opportunity:
Bangladesh has the potential to produce $1.2 billion worth of recycled textile and garment items
as the country has a big production base for cotton fibre clothing items. .In total, six major
manufacturing countries -- Vietnam, Turkey, India, Malaysia, Indonesia and Bangladesh -- could
tap into a $4.5 billion market in the form of this post-industrial recycling opportunity, as per the
analysis. Less than 1 per cent of materials used to produce clothes is recycled, representing a loss
of more than $100 billion in materials each year, it added. In 2020, the overall uptake of recycled
fibres compared to the total fibre production was only around 8.1 per cent, with 7.6 per cent coming
from recycled polyester from plastic bottles, not textiles. Cotton accounted for 24 per cent, or 26.5
million tonnes, of the global fibre market in 2020, while recycled cotton made up less than 1 per
cent. Circular products, which require little to no virgin resources, are key to ensuring a more
sustainable fashion industry as 40 per cent of greenhouse gas emissions from factories are created
during the manufacturing process. Based on reverse resources analysis, 35 per cent of the total
amount of fibres wasted while making garment items is generated during production.
The life cycle impact assessment show that environmental impacts of recycled cotton yarns are
far less than those of virgin cotton yarns, except for climate change and water depletion. The
reason is that the land occupation and irrigation water have great impact on environmental impacts
of cotton cultivation. In spinning, the electricity is the key factor whose environmental impacts
account for the most in the virgin cotton yarn scenario, while the electricity and water consumptions
are the key factors for the recycled cotton yarn scenario in the life cycle of yarn production. The
sensitivity analysis indicates that improving energy efficiency can significantly reduce
environmental burdens for both the two scenarios. The uncertainty distribution of water depletion,
human toxicity, fossil depletion, and climate change of the two scenarios were determined with a
90% confidence interval.

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Challenges in Cotton Recycling:
The largest volume of recycled cotton is sourced through pre-consumer waste, such as cutting scraps from
the factory floor. Post-consumer waste, such as a cheap tri-blend tees, is more difficult to sort through due
to various color shades, fabric blends, and it is generally a much more labor-intensive process. To make a
recycled cotton fiber, fabrics and materials are first sorted by color. Then the fabrics are run through a
machine that shreds the fabric into yarn and further into raw fiber. This process is harsh and puts a great
deal of strain on the cotton fibers. The fibers will often break and entangle during shredding. After shredding,
the raw fiber is then spun back into yarns for reuse in other products.This is problematic in the luxury space.
The length of the fibers is paramount in creating something of high quality; and this is the main drawback
of recycled cotton. Recycled cotton fibers are short which results in a coarse, dry feel that lacks the
refinement and strength of fibers. The reality is that the quality of recycled fiber will never have quality
values equal to the original fiber and no-where near the fiber length and uniformity.
The recycling of cotton process inherently takes away the durability and grade of the fibers in
which the new garments would be built with. This is why the challenges that inherently come from
recycling cotton is not worth the substandard cotton it produces.
1. The cotton must be blended with other fibers to be made into new yarn for strength and
durability, and therefore cannot continuously be recycled.
2.The content of recycled cotton will depend on the end-use application. Any amount of recycled
product will impact the yarn and fabric properties such as evenness, strength, and uniformity.
3. Recycled yarn cost is generally higher than standard, virgin cotton yarn costs but is consistently
of a lower quantity.
4. Testing instruments are made for ginned, virgin cotton. Sometimes, testing results can be
skewed due to the difference in fiber packing and orientation which makes the blends difficult to
accurately represent on labels.
5. The risk of contamination by other fibers is much higher for recycled cotton. Stitching, sewing
thread, small amounts of spandex should all be taken into account when establishing the recycled
supply chain.
XYZ: Business Strategy:
Being one of the leading players, a core strategy of XYZ is to carryout synchronized expansion of both
forward and backward integrated operations in order to strengthen supply chain and to deliver diverse range
of apparel products at a shorter lead time. In view of ongoing consolidation process of the industry and
more focus on compliance standard, verticality and capacity to handle large volume, international buyers
are increasingly preferring to route exports through large integrated group like, XYZ. Over the years, XYZ
has strengthened its backward operation through expansion of denim fabrics and yarn spinning operation
under 3 entities, which has further supported forward operations to maintain sustainable sales/business
growth as reflected in overall improvement in financial performance of both forward/backward integrated
operation of the group in vertical setup.
In line with group’s strategy to strengthen vertically integrated operation, group has recently established a
woven fabrics’ operations which will be involved in manufacturing/exporting of woven fabrics to both forward
operation and to external RMG buyers. Although client has already started the operation of the unit,
however company delayed importation of some parts of the machinery for the project in light of the
slowdown amid pandemic which have now been completed while spares to be imported as and when

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required as per BAU. XYZ group is also interested in enhancing their fabric capacity further as required by
the market demand and buyer’s requirements which is yet to be materialized. They gradually will also
consider to enhance their spinning capacity in line with the synchronization requirements of the Fabric/RMG
units.
In addition to synchronizing their localized supply chain, group is also focusing on investing in usage of
recycled cotton in their production stream to reduce dependency on imported cotton and cut down
environmental impacts as a sustainability initiative of the group. In regard to such, they have also opened
import LCs for a few machineries with investment around USD2m to assess scalability at an initial stage.
This machine will recycle 18mt of textile wastage everyday which will contribute to decrease environment
impact due to wastage significantly. The output (c.16mt of recycled cotton) from this machine will be used
to manufacture yarn and subsequently fabric/textile. Every year average cotton production is c.125m bale
which is responsible for c.220m mt of CO2 emission per year. Hence, per bale of cotton is emitting c.1.76m
of CO2. This project will manufacture c.20.8K bale of recycled cotton from wastage thereby will help to
reduce CO2 emission of c.36.7K mt of CO2 emission per year. On average 1 kilo of cotton manufacturing
consumes 10k liters of water. The said recyle machine will help to manufacture c.4.8m kilo of recycled
cotton every year which will help to reduce 48bn liter of water consumption per year. Per kilo of cotton
requires on average of c.$0.30 worth of manure and pesticides. Hence, the recyling machine will help to
reduce c. USD1.44m worth of pesticides and manure usage which will help to conserve the environment
and ensure cleaner water/air accordingly. However, Mr. AVP & his team is yet to manifest whether global
buyers will be acceptable to usage of recycled cotton on widespread basis considering quality constraints
and how overall profitability of XYZ group shall be impacted.
Upcoming Order Book of XYZ Group:
Major Buyers Mar22-May22 (USDM) % of total Export
GAP 46 29%
VF 40 25%
AEO 27 17%
KOHLS 21 13%
Others (Next, H&M, PVH,
etc.)
26 16%
Total 159 100%
Vertical Integrated operation of XYZ Group:
- Woven: The group’s 26 woven factories are equipped with 300 production lines and employs 50K+
work force. All the lines are balanced with auto trimmers and sophisticated machine to switch
production between complicated tops and bottoms like trouser, jeans, cargoes, skirts, shirts, jackets,
ladies’ dresses etc. Auto cutting capability brings great efficiency in cutting. Woven units produce 70%
bottoms and 30% tops. In terms of backward integration the group capacitates production of 55M
yards/year of fabrics while 15.8k MT of yarn/year.
- Sweater: Group’s sweater Factories bear capacity of c. 450K pcs per month. The units are currently
manufacturing sweaters for many international brands like GAP, Aeon, Mango, H & M etc.
- Washing/Laundry: XYZ group has a premium state of the art laundry/washing facilities equipped with
Tonello and bohemian machines for dry processes, 3d flexible hanger machine, auto vacuum crinkle,
lazer, PP spray, ozone washing and many added each day. Group’s 7 washing Plants are operating
with a capacity of 330K pcs/day and being supervised by technicians from Turkey, Sri-Lanka and
Philippines.
- Accessories: Group has set up Embroidery, Printing and Accessories unit with production capacity of
1.4 million pieces/month in 2012 to strengthen backward linkage operation.

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Overview of Major Buyers of XYZ Group:
GAP:
- GAP is an American clothing and accessories retailer with annual turnover of USD16.7Bn as of FY21
(c.21% YoY increase from FY20).
- The company has stores in 10 countries around the world and franchise agreements to operate key
brand stores in over 30 countries with over 3,700 stores worldwide.
- Major brands under this buyer are Banana Republic, Old Navy, Forth and Towne, Athleta, etc..
- GAP maintains sufficient liquidity with USD1Bn cash balance.
- Current ratio as of FY21 was 1.26x.
- The company increased focus on online led business which registered USD6.4Bn (38% of total sales)
in response to the pandemic which is expressive of the company’s flexibility and resilient business
structure.
- With vaccination drive ongoing in USA and other markets and gradual lifting of restrictions related to
COVID, retail sales is expected to pick up further going forward in 2022 with GAP benefitting from a
diverse product portfolio, satisfactory liquidity profile and an established online retail presence.
- Gap Inc. is working with supply chain partners to source all cotton for its family of brands from
sustainable sources by 2025.
VF Corp:
- VF Corp is an American global apparel and footwear company. VF derives c.59% of its revenue from
Americas, 28% from Europe and rest from Asia Pacific region.
- The company operates more than 1,300 stores worldwide.
- VF’s FY21 revenue stood at c.9.2Bn with digital sales growing by 55%.
- VF maintains sufficient liquidity with c. USD1Bn cash balance as of Mar21.
- VF is training 400 Chinese farmers to switch to new kinds of cotton plants that use less water.
- VF confirmed it will source all of its cotton from the US, Australia or certified environmental cotton
sources by 2025.
- VF is currently running a project to corraborate plastic waste like bottles and leftover polyester scraps
into yarn. However, cost is a key issue. A fleece jacket made from such yarn uses no cotton, a lot less
water and produces two-thirds less greenhouse gas than one made from unrecycled fabric — but it's
also more expensive
Financial Standing of XYZ Group:
XYZ Group 30-Jun-19 30-Jun-20 30-Jun-21
Months Covered 12 12 12
Particulars BDT 'M BDT 'M BDT 'M
Net Sales Revenue 30,631 28,408 34,324
Operating Profit Margin (%) 7.44% 6.60% 5.89%
Net Profit 1,567 1,323 1,635
Total External Funded Debt 8,415 9,970 9,914
Net Debt (TFD – Cash) 7,612 9,081 9,125
Total Gearing 2.01 1.87 1.93
External Gearing 0.58 0.62 0.54
Net Debt / EBITDA (x) 2.31 3.05 2.65

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EBITDA / Interest (x) 4.94 5.02 4.93
Net Cash Operating Activities 9,265 4,160 8,161
Debt Service Coverage Ratio 3.02 2.93 3.49
Current Ratio (x) 1.05 1.11 1.21
Conclusion:
Bangladesh remains a key player in the global RMG industry and the indicators remain strong for a growth
trajectory. Mr. AVP and his company has ridden the booming demand from global retailers amidst the
prevailing multi-faceted challenges posed by pandemic and the new business dynamics requires a re-
assessment of its strategies. As the time approaches to hand over the torch, the future management of the
company also remains at the top of Mr. AVP’s priorities. Careful consideration to current business climate
is required to assess whether Mr. XYZ is doing enough to ensure the business sustainability. In regard to
such, detailed assessment to be done whether Mr. AVP should invest on introducing recycled cotton yarn
production in the group value chain based on subsequent commercial and equitable feasibility.
Disclaimer:
The situations provided in the case study are fictional and bear no resemblance to any person or company.
Any such resemblance, if exists, is merely co-incidental in nature