Textile-to-textile recycler Circulose has named former H&M Group CEO Helena Helmersson to chair its board and appointed McKinsey partner Jonatan Janmark CEO as it seeks to re-establish its market position after a high-profile bankruptcy.
The company, previously known as Renewcell, was a leading player in efforts to scale up new textile recycling innovations, attracting backing from players including H&M. But it ran into financial difficulties as increasing production capacity wasn’t met by market demand. It was bought out of bankruptcy in June by private equity firm Altor Equity Partners.
Janmark and Helmersson will join at the start of December with the task to reset the business in a climate that remains highly challenging. While big fashion brands have made high-profile commitments to adopt more recycled textiles, innovators have struggled to compete with the prices, consistency and convenience of established material supply chains.
“We will now focus on strengthening Circulose to unlock the necessary shift from a linear to a circular textile industry,” Janmark said in a statement. “The shift won’t happen overnight, but we are fully committed to seeing it through.”
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Textile Recycler Renewcell Acquired Out of Administration by Altor
The beleaguered early pioneer in textile-to-textile recycling will continue operating under the name Circulose.
