Renewcell has undergone a significant transformation and is now renamed Circulose after being acquired by Altor.
- Swedish investment firm Altor has purchased Circulose’s assets, including intellectual property and a production site in Sweden.
- The acquisition follows Renewcell’s bankruptcy filing earlier in 2024 due to insufficient financial backing.
- Altor plans to leverage its expertise to boost Circulose’s capabilities and global presence.
- Fashion industry leaders Mango and Zalando welcome this acquisition, signaling potential collaboration opportunities.
Renewcell, renowned for its award-winning innovation in sustainable textiles, faced financial challenges earlier in the year, resulting in a bankruptcy filing at the Stockholm District Court. The company’s remaining assets attracted interest from the Swedish investment firm Altor.
With the successful acquisition, Altor has assumed ownership of these assets, which notably comprise intellectual property and a production site located in Sundsvall, Sweden. This strategic move by Altor underscores its commitment to addressing the urgent need for circular solutions within the textile and fashion industries.
In conjunction with the acquisition, Renewcell has been rebranded as Circulose. The name change reflects the company’s flagship product, a textile pulp derived from end-of-life clothing and textile waste. Altor’s investment aims to drive Circulose’s growth and facilitate its success on a global scale, although specific financial details were not disclosed.
Circulose CEO Magnus Lundmark expressed confidence in the new chapter, highlighting Altor’s resources as key to securing a brighter future for Circulose and the wider textile community. This sentiment is echoed by Altor principal Clara Zverina, who emphasized the importance of expanding circular technologies to replace traditional materials in the fashion industry.
Significant endorsements from notable fashion retailers such as Mango and Zalando have been forthcoming. Mango’s Andres Fernandez and Zalando’s Pascal Brun acknowledged the potential for these sustainable innovations to align with their commitments to environmentally-friendly fashion practices. By engaging with Circulose, these brands aim to incorporate circular materials into future collections, contributing to a more sustainable fashion marketplace.
The acquisition of Circulose by Altor marks a pivotal step toward advancing sustainable practices in the fashion industry.
