A number of big clothing names have taken part in the latest funding round for Infinited Fiber Company with it having raised €30m in new capital from a group include existing investor H&M, plus Bestseller and Adidas.
The Bestseller group’s founder has bought a 10.1% stake, via his holding company Heartland, in the company owned by Israeli group Fox. Previously, Povlsen had bought stakes in Asos and German fashion e-tailer About You.
German retail giant Otto Group is planning to list its About You fashion retail operation on the Frankfurt Stock Exchange as the lockdown easing across Europe mean its occasion and partywear offer should see a boom.
A raft of major names are taking part in a new textile recycling drive with the launch of the Sorting for Circularity Project that, as its name suggests, aims to improve textile sorting so more textiles can be recycled.
Bestseller has taken advantage of Denmark’s Covid restrictions to upgrade its Selected stores and said the “stores in Denmark have awoken from hibernation with a new digital tool to optimise their in-store experience”.
The Jack & Jones owner said a long-standing a major denim supplier has worked with it to secure “farm-to-fashion traceability for its indigenous Organic Cotton" with the firm saying this is a "game-changer" development.