Yunus Signs Clothing Deal with French Company

Monday, January 24, 2011

Yunus Centre and ID Group, a French company, yesterday signed a deal to produce functional clothing for children of 0-5 years under social business in Bangladesh.

The business will also provide technical training to the rural poor and generate employment. It plans to start production by the year-end.

They will also set up a day-care centre for children under another social business, Yunus Centre said in a statement.

ID Group Chief Executive Officer Jean-Luc Soufflet and Nobel Laureate Muhammad Yunus inked the deal while Soufflet with a five-member delegation, paid a visit to Grameen Bank to discuss future prospects and collaborations with the microcredit agency.

In a six-day visit, the group focused on the development and progress of currently running social businesses in Bangladesh and gaining a deeper understanding of further investments in clothing in the country.

The ID Group has four different brands namely Okaidi, Obaibi, Jacadi and Veronique Delachaux that produce children clothes with 860 retail outlets in 55 countries around the world.

The delegation visited Grameen Shikkha-OKWorld Pre-school Project — financed by OKWorld — a concern of ID Group, in Manikganj district where students learn through games and toys in a joyful environment and other social business projects of Grameen in Bogra.

The group is committed to start a social business with Grameen that will involve producing high quality clothes for children at an affordable rate. Delegations from several foreign universities and international medical institutes visited Grameen social business companies during the week of January 15-20 for setting up social businesses in healthcare.

Source: The Daily Star (link opens in a new window)