Nanollose inks another collaboration deal by signing MOU with major fashion retailer
Health & Biotech
Health & Biotech
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Nanollose has signed a key deal with a major global fashion retailer as its eco-friendly microbial cellulose-based technology continues to attract world interest.
Australian-based biomaterial technology company Nanollose (ASX: NC6) has announced it has entered a deal with one of the world’s largest fashion retailers, behind brands including Zara.
Nanollose has entered a binding memorandum of understanding (MOU) with Industria de Diseño Textil, S.A. (INDITEX).
INDITEX is a public company listed on the stock exchanges of Madrid, Barcelona, Bilbao and Valencia, and on the Automated Quotation System.
With numerous brands, including Zara, Pull&Bear, Massimo Dutti, Bershka, Stradivarius, Oysho and Zara Home, INDITEX sells into 215 markets through its online platform, and has over 6,600 stores in 96 markets.
Under the MOU, Nanollose will provide samples of its tree-free (and/or blended) Nullarbor lyocell.
During the pilot phase of product development, Nanollose will work with INDITEX, supplying samples of various materials for testing and prototyping, with the view to Nanollose gaining valuable commercial feedback.
INDITEX has early access to Nanollose’s materials to determine the potential for use in its various brands.
In February, Nanollose announced it had completed the first pilot scale spin of its forest-friendly, sustainable Nullarbor-20 lyocell fibre with its strategic partner, Birla Cellulose – a global leader in man-made cellulosic fibre manufacturing and part of the Aditya Birla Group.
Since the pilot spin, Nanollose has entered four collaborations as it moves to get its forest-friendly Nullarbor fibres to market.
Nanollose said the MOU with INDITEX demonstrates the significant interest and demand for sustainable solutions in the fashion and textile industry.
The company said it shows the willingness and commitment of industry leaders such as INDITEX to seek out and support the sustainable innovations that Nanollose has to offer.
This article was developed in collaboration with Nanollose, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.