Finland
Zalando, Europe’s leading online
platform for fashion and lifestyle, invested in the circular fashion and
textile technology group Infinited Fiber Company (IFC).
The
investment completes a funding round recently led by H&M Group,
in which Adidas and BESTSELLER’s investment arm Invest FWD A/S also took part.
Infinited Fiber Company will use the proceeds to prepare for building Infinited
Fiber Company’s flagship factory in Finland in response to the strong
growth in demand from global fashion and textile brands for Infinited Fiber
Company’s regenerated textile fibre Infinna.
Infinited
Fiber Company’s technology turns cellulose-based raw materials, like
cotton-rich textile waste, into Infinna, a unique, premium-quality regenerated
textile fibre with the natural, soft look and feel of cotton. Infinna is
biodegradable, contains no microplastics, and at the end of their life,
garments made with it can be recycled in the same process together with other
textile waste. Both companies are also signing a letter of intent that includes
Zalando providing raw materials to Infinited Fiber Company in the future and
Zalando using the regenerated Infinnaâ„¢fiber for its private label production.
Petri
Alava, co-founder and CEO, Infinited Fiber Company, said that, they are
delighted to welcome Zalando as a new strategic investor into their circle of
partners, and see their commitment as further indication of the fashion
industry’s strong belief in their innovation. He also said that, Zalando’s vast
brand portfolio and circularity initiatives provide a great basis to deepen the
collaboration and to secure feedstock for th flagship plant.â€Â
David
Schneider, Co-CEO, Zalando, said that, they wanted to be part of the solution
for a more sustainable fashion industry. With the investment in Infinited Fiber Company, they initiated a collaboration with a
circular technology innovator to grow the industry share of textiles recycled
into new textiles, which currently is at only 1%.
Zalando
had previously teamed up with sustainable fashion innovation
platform, Fashion for Good, and the Berlin-based
startup, circular.fashion, to develop the redeZIGN for
Circularity capsule collection and with the Ellen MacArthur
foundation to accelerate a circular economy in fashion.
Source: Infinited Fiber Press Release
Image
Source: Google Images
Also Read: