VANCOUVER — June 4, 2024 — Today, Sweden-based investment firm Altor has acquired Renewcell, the world’s first commercial-scale Next Gen mill that declared bankruptcy in February. Under this new ownership, the company will be operating under the name Circulose.
This milestone is the culmination of months of concerted effort by many along the value chain. Providing demonstrable support from the marketplace for CIRCULOSE® and Next Gen materials more broadly was key to boosting investor confidence.
The following organizations, brands, and producers share their responses to this turning point for Circulose (formerly Renewcell) and the future of circular fashion:
Nicole Rycroft of Canopy
“We were confident that the phoenix would rise from the ashes,” said Nicole Rycroft, Canopy’s executive director. “Everyone in the fashion industry has learned valuable lessons from the Renewcell experience. We are excited that Altor’s investment in Circulose (formerly Renewcell) provides all of us with a second chance. The fashion value chain is now better primed to ensure these innovations have an easier path to market adoption. There were many brands and producers that stepped up to provide the investor with confidence in proceeding. This marks a new day for circularity!”
Mango
“Mango has a goal to incorporate circular design into all of our collections by 2030,” said Andres Fernandez, Mango’s head of Sustainability and Sourcing. ”We are so excited that Renewcell’s (now Circulose’s) low-carbon circular product is staying online. We look forward to continuing our collaboration with the new team, Canopy, and our peers in the industry to bring quality, Next Gen fashion to the market.”
Tangshan Sanyou Xingda Chemical Fibre Co. Ltd.
“We have witnessed a steady increase in brand purchases of CIRCULOSE
fibres as the market starts to embrace its circular future,” said Zhang Dongbin, vice general manager of Tangshan Sanyou Group Xingda Chemical Fiber Co. Ltd “We are excited to see Renewcell’s Next Gen capacity remain in place and look forward to continuing our collaboration, bringing sustainable, high-quality materials to the market at scale.”
Zalando
“Congratulations to the new owners of Circulose,”said Pascal Brun, vice president of Sustainability and Diversity & Inclusion of Zalando. “At Zalando we are committed to producing fashion in a sustainable way, and we are proud to be part of the collective effort to bring circular materials to the fashion marketplace.”
Posted: June 4, 2024
Source: Canopy
