Showing posts with label 100 million dollars. Show all posts
Showing posts with label 100 million dollars. Show all posts

Thursday, March 12, 2020

Introducing Fibersort, a post-consumer textile sorting machine looking to clean up the industry

Introducing Fibersort, a post-consumer textile sorting machine looking to clean up the industry

A cutting edge machine looking to revolutionise textile to textile recycling by automatically sorting large volumes of post-consumer garments is now up and running in Wormerveer, just outside of Amsterdam.

The Fibersort machine, a Near Infrared (NIR) based technology, is capable of sorting around 900kg of post-consumer textiles per hour in 45 different fractions based on their fibre composition and colour. Fibersorted materials have been validated by project partners and are now ready for the market.

The technology, which has been several years in the making, is part of a wider Fibersort project funded by Interreg NWE and comprising a consortium of companies including Dutch-based impact organisation Circle Economy, as well as Valvan Baling Systems, ReShare, Procotex, Worn Again Technologies and Smart Fibersorting.

The project looks to tackle the fashion and textile industry’s issue of excessive waste. In North-West Europe alone, around 4,700 kilotonnes of post-consumer textile waste are generated every year, according to Interreg NWE. Only 30 percent of that is collected separately - the rest is thrown into household waste.

The opportunities to scale the use of recycled textiles are becoming increasingly acknowledged in the fashion and textile industry as the notoriously wasteful sector attempts to clean itself up and meet growing consumer demand for more sustainable products and services.

“There are clear opportunities to successfully integrate automated sorting technologies and recycled post-consumer textiles across the value chain. Over the past years, innovation has spurred across this sector of the industry,” said Circle Economy. “However, several challenges remain to ensure the long-term implementation of these technologies in relation to financial and technical feasibility as well as the opportunities to scale. Collectors, sorters, recyclers, manufacturers, brands and policymakers have both opportunities and responsibilities to address these challenges.”

Photo credit: Circle Economy



* This article was originally published here

Wednesday, August 28, 2019

Hudson’s Bay to sell Lord + Taylor for 100 million dollars


Canadian retailer Hudson's Bay Company (HBC) has announced it is selling luxury department store chain Lord + Taylor to fashion rental subscription service Le Tote in a 100 million dollar deal.
The deal will see Le Tote acquire the Lord + Taylor brand and related intellectual property while assuming operations of its 38 stores, digital channels and associated inventory.
HBC will receive 99.5 million Canadian dollars (75 million US dollars) in cash when the transaction closes and a further 33.2 million Canadian dollars (25 million US dollars) payable in cash after two years. It will additionally receive an equity stake in Le Tote, two seats on the company’s board of directors and certain rights as a minority shareholder.
Le Tote expects to extend employment offers to the “vast majority” of Lord + Taylor’s associates.

Le Tote buys Lord + Taylor for 100 million dollars

Commenting on the acquisition in a statement, CEO of HBC, Helena Foulkes, said: “We’re excited to have reached an agreement with Le Tote that creates a new model for Lord + Taylor, bringing together fashion rental subscriptions with traditional retail.
“Following an extensive review of strategic alternatives, Le Tote’s leadership and innovative approach is the best path forward for Lord + Taylor, its loyal customers and dedicated associates. For HBC, this transaction builds upon our previous bold actions, further enabling us to focus on our greatest opportunities, Saks Fifth Avenue and Hudson’s Bay.”
Le Tote CEO and founder Rakesh Tondon, added: “Since founding Le Tote, it’s been our mission to push the boundaries of retail. We’ve strived to lead the charge in developing innovative, intuitive, value-driven ways for customers to engage and consume. We’re excited to bring Le Tote together with Lord + Taylor, a storied brand that has stood for quality, style and service for nearly two centuries. With this acquisition, we continue our journey in creating the future of retail.”
Photo credit: Lord + Taylor, Facebook


* This article was originally published here