Indian multinational PDS acquires 50% stake in Filkor for £ 500,000
Filkor has developed a revolutionary product destruction process that allows high-end fashion houses to turn their waste and excess inventory into a pellet which is then 100% recycled into a variety of other uses, for example wafer pads. siding, shop fittings and other artistic objects. and functional objects. Filkor will be part of the Circular Fashion Impact fund within the PDS Venture Tech Investments portfolio, PDS said in a press release.
The PDS platform emphasizes sustainable materials, sustainable technologies and sustainable solutions. Through the PDS Venture Tech portfolio, PDS invests in start-ups that focus on sustainable solutions. With these investments, PDS can leverage these capabilities with the larger PDS platform, delivering value-added services to its customers, suppliers and other stakeholders.
Indian company PDS Multinational Fashions Limited has acquired a 50 percent stake in UK-based Filkor Limited with an investment of Â£ 500,000 through its subsidiary Smart Notch Industrial Limited. PDS is a design-driven sourcing, manufacturing and supply chain platform for leading brands and retailers with a presence in over 22 countries.
The global clothing industry produces massive amounts of waste every year from the disposal of its excess inventory, which represents clothing and accessories worth tens of millions of pounds. These enormous levels of waste contribute significantly to environmental problems such as landfills, sewage and global greenhouse gas emissions. Filkor has effectively developed an automated reuse system which, using patented collection and processing methods, produces and uses the resulting waste to create a whole new substrate that can be used in a wide range of industries worldwide. This reuse system allows the product to be safely destroyed in a single operation, efficiently and quickly, providing fashion houses with a socially and environmentally acceptable solution.
âWe are delighted to add Filkor to our portfolio, which enables reuse and recycling and is expected to benefit the fashion industry. For us at PDS, sustainability and circularity are essential and investments like Filkor allow us to further strengthen our capabilities and have a positive impact on the ecosystem in which we operate, âsaid Pallak Seth, Vice President, based in Hong Kong.
âPDS carefully identifies opportunities that align with our overall vision, and we are also focusing on technologies and solutions for the future. Filkor fits perfectly into our portfolio from a commercial and environmental point of view â, stated Sanjay Jain, Group CEO.
“We are all very excited about the opportunity that has arisen as a result of this investment with such a prestigious brand, PDS, and we are now looking forward to deploying this incredible Filkor process globally in the world of fashion. fashion “, said Barry Kane, Managing Director and inventor of the Filkor process.
Fibre2Fashion Information Office (KD)