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.
Ecovative, which creates textiles and other products from the root structure of mushrooms known as mycelium, received funding from Viking Global Investors as well as existing investors Senator Investment Group, Trousdale Ventures and AiiM Partners. Ecovative said the funding, which brings total capital raised to $100 million, will be used to further research and development at its “Mycelium Foundry” and increase production capacity.
This investment comes at a time of increasing interest in sustainable leather alternatives — particularly mycelium — across the industry. Earlier this month, it was revealed that Hermès exclusively partnered with mycelium start-up MycoWorks, which had secured $45 million in Series B funding last year. Stella McCartney also announced the launch of products containing Mylo, a mycelium material developed by Bolt Threads, with other “Mylo Consortium” members including Adidas, Lululemon and Kering expected to follow suit this year.
France is pressing ahead with a ‘game-changing’ bill that would impose a ‘sin tax’-style penalty on fast-fashion products as high as €10 per item by 2030.
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.
Thirty years of providing the world’s finest wool to the fashion house Loro Piana has done almost nothing for the Indigenous people of the Peruvian Andes.
The fast-fashion giant has joined Vargas and TPG to back a new polyester recycling venture following its failed bet on Renewcell.