EPIC Group

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 EPIC Group (the “Group” or “EPIC” or “Company”) (https://www.epicgroup.global/corpinfo21v1/) is a leading apparel manufacturer and a leader in sourcing quality fabrics. EPIC has manufacturing facilities in Bangladesh, Ethiopia & Jordan; sales offices in Hong Kong SAR, China, Dubai & New York; and designer offices in New York, London & Hong Kong SAR, China. EPIC has longstanding relationships with global brand retailers, including Walmart, Uniqlo, Levi’s, and Amazon, offering its clients a one-stop shop of apparel supply chain services – encompassing fabric sourcing, product design, manufacturing, warehousing, and logistics. This comprehensive offering has helped Epic to become the world’s largest chino manufacturer and one of the largest original clothing manufacturers (OCM) clothing manufacturers in Bangladesh. EPIC Group major production capacity is concentrated in Bangladesh (98% of capacity) and Ethiopia (2%) and the company is planning expansion to Jordan and India. EPIC has nearly 25,000 employees, including nearly 22,000 direct workers, whereas Bangladesh accounts for around 20,000 direct workers. In addition, EPIC outsources some production to third parties and third-party clothing manufacturers in Bangladesh, mostly related to cutting, sewing, and finishing, none of which are captive facilities to EPIC. Most of the existing facilities in Bangladesh are located in either Export Processing Zone (EPZ) or industrial zone while one of the facilities is located in residential zone. The proposed new manufacturing facility is India will be spread over more than 40acres of land. in the industrial park in Odisha. The proposed new manufacturing facility in Odisha funded under the project will be developed in phases, and the pilot phase will be commissioned around early 2025, while the commissioning of the remaining phases is planned over the next few years.IFC is considering a debt financing package of up to US$120 million to the EPIC Group with up to US$60 million of direct investment and debt mobilization of up to US$60 million with the use of proceeds for: (i) construction on a new manufacturing facility in India; (ii) capex to expand manufacturing capacity in Bangladesh; and (iii)  working capital for operations of facilities in India and Bangladesh (the “Project”). IFCs proposed financing will be ringfenced to only India and Bangladesh operations of the EPIC Group.  The proposed investment builds on IFC advisory engagements with one of the EPIC’s facilities in Bangladesh under the Global Levi PACT Program (Project #603804), which explored both cleaner production and rooftop PV opportunities.