Sanjeev Bahl, founder and Chief Executive of Vietnam-based denim manufacturer Saitex, set out to find solutions to make the textile business more environmentally sustainable. As Saitex grew, Bahl decided to bring in a financial and strategic partner and was introduced to the team at Southeast Asia-focused private equity firm Navis Capital Partners in 2017.
“It’s no secret that denim mills, which have largely been doing the same thing for decades, are not the cleanest part of the supply chain, but change is difficult and expensive. Saitex’s new mill will be the greenest in the world and it’s a huge expense. But we are doing the right thing—differentiating ourselves in the process—and there will be a payoff.“David Ireland, Senior Partner, Navis Capital Partners
Saitex’s revenues are projected to increase from USD70 million in 2018 to over USD100 million in 2021, despite weakened customer demand resulting from the global COVID-19 pandemic.