Zalando invests in Infinited Fiber Co's textiles regeneration plans
Online fashion retail giant Zalando has invested in circular fashion and textile technology group Infinited Fiber Co.
Infinited said the non-disclosed proceeds will go towards building a €220 million flagship factory in Finland, expected to be operational by 2024, “in response to the strong growth in demand from global fashion and textile brands for its regenerated textile fibre Infinna”.
The Infinna-related technology turns cellulose-based raw materials, like cotton-rich textile waste, into “a unique, premium-quality regenerated textile fibre with the natural, soft look and feel of cotton”. The factory is expected to process 30,000 metric tons of material per year.
In addition to the funding, the two companies are also signing a letter of intent that includes Zalando providing raw materials to Infinited and Zalando using the regenerated Infinna fiber for its private label production.
Infinited Fiber co-founder and CEO Petri Alava said: “We are delighted to welcome Zalando as a new strategic investor into our circle of partners, and see their commitment as further indication of the fashion industry’s strong belief in our innovation. Zalando’s vast brand portfolio and circularity initiatives provide a great basis to deepen our collaboration and to secure feedstock for our flagship plant.”
As part of its sustainability strategy, Zalando said it has committed to apply the principles of circularity and extend the life of at least 50 million fashion products “by enabling circular choices and driving behaviour change towards circular products and experiences”.
Zalando co-CEO David Schneider added: “We want to be part of the solution for a more sustainable fashion industry. With the investment… we initiate a collaboration with a circular technology innovator to grow the industry share of textiles recycled into new textiles, which currently sits at only one percent”.
The Zalando 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.
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