The acquisition of Renewcell, a trailblazing Swedish company in textile recycling that filed for bankruptcy in February of this year, was announced by the Stockholm-based investment group Altor.
Renewcell, now known as Circulose, created the ground-breaking CIRCULOSE® pulp, which is made entirely of textile waste rather than wood, and established the first Next Gen mill in the world on a commercial scale for viscose and other textiles containing man-made cellulosic fibres.
With Altor’s acquisition, the fashion industry and the company enter a new phase and have a major chance to promote innovation and expand circular supply chain practices.
Nicole Rycroft, Canopy’s Executive Director said, “The fashion value chain is now better primed to ensure these innovations have an easier path to market and scale. We are excited that Altor’s investment in Circulose (formerly Renewcell) provides all of us with a second chance.”
