The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Multiple bidders have put in offers to buy the business and assets of bankrupt Swedish textile recycler Renewcell, the company’s bankruptcy trustee said Thursday.
The process has been closely watched by many in the industry, keen to see a business that represented one of fashion’s most advanced prospects to meet increasing demand for circular fibres revived.
The nature of the bids and the names of the bidders were not disclosed. A final closing is expected mid-April following a review process.
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Why Renewcell’s Bankruptcy Might Be the Push Textile Recycling Needed
In the weeks since one of the industry’s most promising recycling start-ups filed for bankruptcy, big brands have put more money and more commitment into bringing innovations to market.
Europe’s Parliament has signed off rules that will make brands more accountable for what happens in their supply chains, ban products made with forced labour and set new environmental standards for the design and disposal of products.
Fashion’s biggest sustainable cotton certifier said it found no evidence of non-compliance at farms covered by its standard, but acknowledged weaknesses in its monitoring approach.
As they move to protect their intellectual property, big brands are coming into conflict with a growing class of up-and-coming designers working with refashioned designer gear.
The industry needs to ditch its reliance on fossil-fuel-based materials like polyester in order to meet climate targets, according to a new report from Textile Exchange.