8 March 2024 at 10:24 am GMT
The first round of investments closed in the summer of 2023 with H&M Group, Adidas, Bestseller and Zalando on board with support from investment company VTT Ventures, Security Trading and Nidoco AB. Inditex, TTY Management and H&M Group remain the largest shareholders in Infinited Fiber Company.
“It is fantastic to have these impactful companies on board as our new investors. This investment is crucial for further advancing the scale-up of Infinna, and it underscores the industry’s confidence in our technology as one of the key enablers for circularity in the textile sector,” said Petri Alava, cofounder and chief executive officer of the fashion and textile technology company.
The investors are heavyweights in the retail space. TTY Management is an asset management company privately owned by Tadashi Yanai, the chairman, president and CEO of Fast Retailing, which owns Uniqlo, Theory, J Brand and Comptoir des Cotonniers.
Zara’s parent company, Inditex, revealed new sustainability goals at last year’s annual general meeting, which include speeding up its emission reductions.
Inditex updated its 2030 reduction strategy by targeting scope 1 and 2 emissions, with the aim of reducing them by 90 percent from a 2018 baseline. Its value chain emissions, or scope 3, will be cut by 50 percent of 2018 levels.
The company previously revealed the goal of getting to “net zero” emissions by 2040 and in order to meet that target will rely on offsets as “10 percent of our greenhouse gas emissions are hard to eliminate.”
Infinited Fiber Company specializes in Infinna, a cellulosic fiber that is made entirely from textile waste. It looks and feels like cotton and can be used in a similar way in order to make products like T-shirts, jeans, blouses, dresses, hoodies and other apparel.