adidas Announces $3.65 Million USD Investment In Sustainable Textile Company Spinnova
adidas made headlines this week as the first leading sportswear brand to tackle period-proof activewear, and the German brand is continuing to grab attention for the right reasons, with the announcement of its investment in Spinnova.
Reuters has reported that adidas has agreed to invest €3 million EUR ($3.65 million USD) in Spinnova ahead of the company’s planned initial public offering. This will bring the total investment Spinnova has secured to date to a whopping €58 million EUR.
If you’re wondering what exactly Spinnova is, we can break it down for you. It’s a Finnish company that has developed a production technology that enables them to make textile fibers out of wood, leather, textile and food waste — without the use of harmful chemicals. The Spinnova fiber is 100% recyclable and quickly biodegradable. It also contains no microplastics, creates zero waste, and involves minimal CO2 emissions and water use.
Additionally, Spinnova is currently working on opening its first commercial factory in Jyväskylä, a city in its native Finland, in partnership with Brazillian wood raw material supplier Suzano.
adidas isn’t a newbie when it comes to exploring commercial ways to incorporate more sustainable practices into its business model. For one, it has already pledged a commitment to using only recycled polyester across its products from 2024. The brand also confirmed via a LinkedIn statement that it aims to reduce CO2 emissions and water consumption in the production of its products, and that its partnership with Spinnova will help them achieve the goal of 90% of its garment offering being “sustainable” by 2025.
Find out more about Spinnova here.
In competitor news, Nike revealed a sneaker pack constructed with textiles made from pineapples.