이 누리집은 대한민국 공식 전자정부 누리집입니다.

한상넷

비즈니스 정보

Biz News Korea(Eng)

Youngone Holdings invests in Infinited Fiber Company

Collected: 2024.03.12

Distributed: 2024.03.13

Source: Go Direct

[Courtesy of Youngone Holdings]

Youngone Holdings, a global original equipment manufacturer (OEM) for clothing orders in South Korea, is collaborating with international fashion giants such as Zara, H&M, and Adidas to invest in a company that focuses on recycling textile waste.

According to sources on Monday, Youngone Holdings participated in a Series C round for Infinited Fiber Company, a Finland-based fiber waste recycling company, via its corporate venture capital arm on March 8th, 2024. The Series C funding, totaling about 60 billion won ($45.8 million), saw participation not only from Youngone Holdings but also from various global fashion companies and brands.

Among the notable investors are H&M, the operator of the global SPA brand; Inditex, which runs Zara; Fast Retailing, the company behind Uniqlo; Zalando, Europe’s premier fashion platform; and global sports brand Adidas. Youngone Holdings, along with Japanese sports apparel manufacturer Goldwin, joined as new investors in this round.

Infinited Fiber Company specializes in developing high-quality recycled fibers called Infinna using textile waste. Infinna boasts a soft touch similar to cotton, high biodegradability, and is praised as an eco-friendly fiber as it does not contain microplastics. It also maintains the same quality as traditional fibers and is recyclable, contributing to the realization of a circular economy in the textile industry.

Youngone Holdings’ CVC had previously invested in Circ, a U.S.-based textile waste recycling startup, in June 2023, with Circ’s funding amounting to about 32 billion won.

By Kim Hyo-hye and Minu Kim

List

Previous: Lotte Home Shopping to import fashion products from OOF Wear

Next: CU, Dong Wha Pharm launch two functional beverages