Carlyle buys minority stake in Jeanologia
today Mar 13, 2019
Additionally, the brand has launched an ambitious international expansion strategy which involves doubling its investment in R&D over the next three years to “accelerate the dehydration and detoxification of the textile industry”.
Jeanologia’s goal is to cut hazardous chemicals from clothing production by 2023, “establishing the classic blue jeans as an industrial and technological standard for a better world,” according to its executive director Enrique Silla. “The team is very excited about the Carlyle Group’s support, which will help us to continue working to transform the world.”
Meanwhile, Carlyle managing director Alex Wagenberg highlighted the opportunity to team up with “a company that is transforming the textile industry through clean, efficient and environmentally friendly manufacturing processes”.
“Our goal is to support Jeanologia to drive its growth through the development of an innovative product range and the opportunities available in the industry,” he said.
The Spanish firm, founded in 1993, said about 35% of the 6 billion pairs of jeans produced every year are made using its eco-friendly technology.
Carlyle’s investment will help Jeanologia, whose clients include Levi’s, increase its investment in R&D in the next three years and drive its international growth plan. Carlyle is not the first private equity firm to buy an interest in the company: Spain’s MCH became a shareholder in 2016.
Europa Press with additional reporting by Eva Gracia.
Copyright © 2019 FashionNetwork.com All rights reserved.