capital injection 95 million Euro for company from Alicante to get bettercommitted firm cotton recycling For the textile industry born in 2020 Ferre Yarns decided to split this part of the business and bought 80% of his capital. story3 mutual fund. It was the company managed by Alfredo Ferre who announced the news and stated that he would use the money for the following purposes. accelerate your expansion plans.
The new funding round was led by the sustainable investment fund. Goldman Sachs Along with Story3, which will contribute a total of $100 million (in return for €95 million). According to sources cited by the Wall Street Journal, a representative amount Values the firm in Alicante at $1,100 million, approximately 1,050 million euros.
The company’s goal is to Production of 350,000 tons of recycled cotton fiber Metrics in 2026, when it undertook a major expansion plan. So after doubling the facilities of his factory Mariola Banyeres As a first step, the company has already opened a new factory this year. Pakistan and another Bangladeshiand planned two more installations in the same country and elsewhere Vietnamese.
As Ferre commented in this newspaper a few months ago, the goal is to have factories near the whole world. major world fashion production centers, as the fabrics of these factories are ornaments and discards, in addition to used clothes, the main raw material of which is withdrawn from the market. For the same reason, the manager was also considering setting up a factory in Central America, but neither the location nor the date of this last option has yet been announced.
Currently, the company already has some of the most important fashion chains on the planet as clients. Primark, Inditex, C&A, Revolve or Land’s Endamong others.
Hilaturas Ferre started with the recycling of cotton fibers. fortiesbefore material shortage who lived in his time He perfected the technique over the years and decided to create the brand in 2006. to get better to denote threads made in this way and, for example, threads that do not need to be dyed again because they make use of colors that the clothes and fabrics from which they come from already have.
an app save thousands of liters of water every year in the production of cotton yarn, which is gaining new attention from movements to make the fashion industry more sustainable. This is how the Story 3 fund decided to approach the company from Alicante to propose a separation of business with the aim of creating a new multinational group specializing in this activity.
Here are some plans to step up now with this new injection of millionaires from Goldman Sachs and Story3.