Recover, the Leader in Sustainable Recycled Cotton, Announces New Funding to Scale Operations and Close the Loop on Fashion
Recover™, a leading material sciences company and producer of sustainable, premium recycled cotton fiber and cotton fiber blends, through a strategic partnership with STORY3 Capital, is expanding to meet the surging demand from the global fashion industry. This strategic partnership will accelerate Recover’s efforts to transform the fashion industry by solving one of the world’s biggest environmental issues. STORY3 Capital brings significant investment, resources, and best-in-class operators to achieve Recover’s growth initiatives.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201210005187/en/
(Graphic: Business Wire)
The adverse environmental impact of the fashion industry is staggering, and the industry is lagging behind its climate action commitments and Sustainable Development Goals (SDGs). Cotton is one of the most damaging crops grown on earth, requiring large amounts of water, pesticides, and land. As an example, one t-shirt requires 2,700 liters of water, equivalent to what an average person drinks in three years(1).
Recover recycles industrial and pre- and post-consumer cotton waste, replacing the need to cultivate cotton, limiting the use of dyes through its ColorBlend system, and reducing textile landfill waste. Through its proprietary technology using a combination of art and science, Recover provides cost competitive, maximum performance fibers for both rotor and ring spinning applications. Per the Higg Material Sustainability Index, Recover’s recycled cotton fiber has the lowest environmental impact score in the world.
As a result of the investment, Recover will increase its production to 200,000 metric tons of recycled cotton fiber per year by 2025. This will save nearly three trillion liters of water each year, equivalent to the drinking water consumed by 3 billion people on an annual basis, and allow 500,000 acres of land to be directed away from cotton cultivation for other uses.
Peter Comisar, Founder and CEO of STORY3 Capital and former Partner at Goldman Sachs & Co. said, “Recover is uniquely positioned to be the global sustainability leader in cotton recycling by acting as an agent of change within the industry, and quickly becoming the gold standard in closing the loop on fashion.” Ben Malka, Operating Partner at STORY3 Capital and Executive Chairman of Recover stated, “We immediately saw the potential to impact the pent-up demand for recycled cotton by scaling production and working with the industry to innovate and migrate to Recover Fibers.”
Recover is part of a fourth-generation family-owned company with a 70-year long history in textile recycling technology. Under the leadership of the Ferre family, Recover has specialized in creating premium recycled cotton fiber from textile waste using proprietary technology and innovative mechanical recycling machinery. The fiber is ultimately spun into yarn by supply chain partners and transformed into finished apparel garments and home textiles. Recover has supplied its recycled cotton and cotton blend fibers to illustrious brands such as Wrangler, H&M Group, Tommy Hilfiger, G-Star, The Northface, Billabong and Bonobo among many others during its rich history.
“My family has been innovating for generations to perfect the Recover process, which is primed to be fashion industry’s biggest resource in meeting its sustainability goals,” said Alfredo Ferre, CEO of Recover. “We’re proud to offer potential partners the highest quality and lowest-impact fiber available in today’s market, and we look forward to increasing our sustainability footprint thanks to our partnership with STORY3 Capital.”
Recover is a leading material sciences company and global producer of low-impact, high-performance recycled cotton fiber and cotton fiber blends. Its premium environmentally friendly, cost-competitive products are created in partnership with the supply chain for global retailers and brands, offering a sustainable solution to close the loop on fashion. As a fourth-generation, family-owned company with a 70-year long history in the textile industry, Recover is on a mission to scale its proprietary technology to make a lasting positive impact on the environment and partner with brands/retailers and other change makers to meet the industry’s sustainability targets. For more information, visit www.Recovertex.com and follow Recover on LinkedIn.
STORY3 Capital is a leading alternative investment manager with deep experience in creating value within the consumer sector. STORY3 employs a flexible investment strategy and seeks to invest across the consumer value chain to deliver innovative investment solutions across market cycles. Paramount to its investment lens is a focus on companies at the nexus of consumer, commerce and content, where STORY3 believes its capital, skillset, and relationships can substantially impact value creation and investment returns. For more information, please visit www.story3capital.com.
Ashley Kraynak (Recover@allisonpr.com)
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