Altor acquires bankrupt Renewcell, textile recycling gets boost

Swedish investment firm Altor has acquired Circulose (formerly Renewcell), a pioneering textile recycler that went bankrupt earlier this year. Circulose is known for its Circulose pulp, an innovative material made entirely from textile waste instead of trees. The company also boasts of the world's first commercial-scale facility for producing viscose and other sustainable fibers.

This acquisition marks a turning point for Circulose and the fashion industry. Altor's investment signifies growing recognition of the potential for circularity in fashion. Circulose offers a significant opportunity to reduce the industry's environmental impact by minimizing reliance on virgin materials.

The road to revival wasn't smooth. Support from over 30 fashion brands, who expressed interest in using Circulose products, along with industry collaboration to streamline the supply chain, paved the way for Circulose's resurgence.

Canopy's Executive Director, Nicole Rycroft says this acquisition is an evidence that the financial sector is increasingly recognizing the potential for profit and growth in innovative circular technologies. Circulose is a game-changer for the fashion industry, promoting circularity and reducing its environmental impact.