SIGNED DEAL: BESTSELLER INVESTS IN TEXTILE-TO-TEXTILE TECHNOLOGY
With Infinited Fiber Company’s latest financing round securing EUR 30 million in new capital, BESTSELLER’s investment arm Invest FWD is among the Finnish textile technology group’s new investors. Concurrently, BESTSELLER has signed a multiyear sales agreement for their fibre, Infinna.
The past year, BESTSELLER’s sustainability innovation platform Fashion FWD Lab has been collaborating with Infinited Fiber Company and its patented Infinna fibre, looking at the potential to put the fibre into production – as well as the investment potential.
“Through our ongoing collaboration, we have developed the first prototypes and seen that the fibre can live up to our requirements for quality, look and sustainability. With Infinited Fiber Company’s planned flagship factory, we can actually scale this amazing circular material and, in time, make it a competitive fibre to conventional fibres,” says Camilla Skjønning Jørgensen, BESTSELLER’s Sustainable Materials & Innovation Manager, who heads Fashion FWD Lab.
Besides investing in the company, BESTSELLER has also signed a multiyear sales agreement with Infinited Fiber Company to secure access to the Finnish innovator’s fibre.
“For us, this is much more than an investment. This is a pathway to change the environmental impact of the fashion industry, as it provides a technology solution that makes textile-to-textile recycling possible. At the same time, this is something that represents the potential for BESTSELLER to reach our North Star and become circular by design. And most importantly: this is only the beginning.”
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 and 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.
An opportunity to close the loop
”We are very excited about this collaboration and hope to build a strong and long-lasting partnership with Infinited Fiber Company – both as an investor and as a business partner. Infinited Fiber Company has an opportunity to close the loop in the fashion industry with textile-to-textile recycling, which is a great match for Invest FWD’s aspiration to support the entire fashion ecosystem and BESTSELLER’s sustainability strategy Fashion FWD through strategic investments,” says Lise Kaae, CEO of HEARTLAND A/S and Invest FWD board member.
Besides Invest FWD, other investors in this round of financing include sportswear company Adidas, investment company Security Trading Oy, as well as existing investors H&M Group and investment company Nidoco AB.
“We are really happy to welcome our new investors and grateful for the continued support from our older investors,” says Infinited Fiber Company co-founder and CEO Petri Alava.
“These new investments enable us to proceed at full speed with the pre-engineering, environmental permits, and the recruitment of the skilled professionals needed to take our flagship project forward. We can now also boost our pilot facilities so that we can better serve our existing customers and also grow our customer-base in preparation for both our flagship factory and for the future licensees of our technology.”