Hugo Boss is the first company to secure a stake in the Swiss Heiq Aeoniq equity, according to Heiq Materials AG. The investment is supplemented by an additional $4m arrangement, which is subject to the achievement of agreed goals. The partnership is said to help Hugo Boss meet its ambitious sustainability targets which include the aim to be climate neutral within its own area of responsibility by 2030, and throughout the entire value chain by 2045.
Heig Materials AG explains that Heiq Aeoniq yarns are designed to be circular, using 100% renewable energy for manufacturing, a closed-loop recycling of more than 99.5% of productive factors, and uses no toxic chemicals, pesticides or fertilisers for its feedstock.
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Hugo Boss puts particular emphasis on establishing an end-to-end circular business model, and therefore this new investment is said to fit in with its goal to increase its proportion of sustainable materials. Hugo Boss says its long term plan is to substitute its currently used polyester and nylon fibres with the cellulosic Heiq Aeoniq fibres.
Daniel Grieder, Hugo Boss CEO explains: “Our exciting partnership with Heiq on Heiq Aeoniq represents yet another important milestone on our journey towards becoming the leading premium tech-driven fashion platform worldwide. Consistent with our bold mission statement ‘We Love Fashion, We Change Fashion’, this game-changing collaboration with Heiq enables us to further push innovation and sustainability across our brands’ offerings, thereby driving measurable impact for environment and society alike.”
The Lycra Company has also become an exclusive distributor for Heiq Aeoniq yarn by making a significant, undisclosed investment and by making a commitment to develop the technology for broad application in textiles.
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By GlobalData