Bestseller invests in German recycling company Matterr
Danish clothing group Bestseller unveiled a new strategic partnership with German recycling start-up Matterr on Wednesday. The group, which owns brands such as Vero Moda, Only and Jack & Jones, invested in the company through its investment arm, Invest FWD. Matterr specialises in chemical polyester waste recycling processes. It had previously secured 30 million euros in funding from the EU Structural Funds, the ERDF and the JTF.
This support and Bestseller’s investment will enable Matterr to build its first factory. This will scale its recycling process. Construction of the plant is scheduled to begin next year. Once completed, it will be able to convert 10,000 tonnes of polyester-containing waste into new raw materials annually.
Dorte Rye Olsen, head of sustainability at Bestseller, explained the investment. "Matterr is a young company with an interesting solution that is to be implemented on a large scale to benefit the entire fashion industry," she said in a statement. "We believe in the scalability of their technology and the commercial potential of the company."
With this latest partnership, the Bestseller group continued to promote innovative companies. According to the group, it has invested a total of 240 million Danish krone (32 million euros) in emerging companies over the past few years. These companies have developed new sustainable material processes. "An important criterion for the investments is that they not only meet Bestseller’s needs, but also help to advance the entire fashion industry," the group emphasised.
Melanie Hackler, the CEO of Matterr, has high hopes for the collaboration with the Danish textile giant. "To achieve our ambitious goals, it is essential to have the right partners at our side," she emphasised. "With Bestseller, we not only share the same mindset and values, but also the conviction that real change comes through pragmatic collaboration. Together, we are building a partnership that is geared towards the business models of the future."
Read more:
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- Bestseller leads 20 million dollar financing round for Softwear Automation
- Bestseller: Only brand manager Finn Poulsen steps down
- Bestseller: Name it opens new Hamburg store
- Premiere in Frankfurt: Bestseller Group opens first German multibrand store for Jack & Jones and JJXX
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