Circulose, formerly Renewcell, has secured investment from Altor, a Swedish firm, promising growth and innovation.
- Renewcell faced financial difficulties, filing for bankruptcy earlier this year, but its assets have now been acquired by Altor.
- The acquisition includes Circulose’s intellectual property and production site in Sundsvall, Sweden.
- Circulose plans to leverage Altor’s resources to expand its sustainable textile production globally.
- Fashion retailers like Mango and Zalando are optimistic about Circulose’s potential to drive change in the fashion industry.
Circulose, which emerged from the ashes of the bankrupt Renewcell, has received a promising injection of financial support from Swedish investment firm Altor. This development marks a new chapter for the company, which struggled financially earlier this year, resulting in a bankruptcy filing and the sale of its Kristinehamn production facility.
Altor’s acquisition includes Circulose’s intellectual property and the Sundsvall production site, positioning the company for a fresh start under a new name. The investment firm plans to use its expertise to help Circulose thrive on a global scale.
Underlining the potential for growth, Circulose CEO Magnus Lundmark expressed optimism about the collaboration with Altor, highlighting their shared goal of driving positive change in the textile sector. “Together, we will continue to drive positive change, leveraging Altor’s expertise and resources to enhance our capabilities,” he said.
Altor’s principal, Clara Zverina, expressed commitment to scaling Circulose’s innovative circular solutions, particularly with its patented technology that could substitute virgin cotton and man-made cellulosic fibres. “We are determined to partner with key stakeholders across the value chain,” she remarked.
The fashion industry has shown support for Circulose’s advancement, with retailers like Mango and Zalando expressing enthusiasm for sustaining their partnerships. Andres Fernandez, Mango’s head of sustainability, emphasized the importance of Circulose’s low-carbon product in contributing to Mango’s circular design goals by 2030. Pascal Brun from Zalando reaffirmed their commitment to sustainable fashion, celebrating the acquisition as a step in the right direction.
Altor’s acquisition and investment in Circulose could catalyse significant advancements in sustainable fashion, promising a brighter future for circular materials.
