The German luxury fashion brand Hugo Boss AG has invested $5 million in HeiQ AeoniQ LLC (a wholly-owned subsidiary of London-listed HeiQ Plc) and an additional $4 million based on performance milestone agreements. Boss is the first company to acquire shares in the new continuous cellulosic yarn that is being built as a sustainable alternative to polyester and nylon fibers. HeiQ AeoniQ (Aeon: striving for eternal recyclability) yarns are made from cellulosic biopolymers. The global polyester and nylon fiber market is worth an estimated $135 billion, with a CAGR of >3.5 percent over the next decade (Statista). According to the company, for every ton of polyester and nylon substituted by HeiQ AeoniQ, up to 5 tons of CO2 can potentially be saved. Prior to the Hugo Boss equity investment, The Lycra Company became the exclusive distributor for HeiQ AeoniQ yarn by making a “significant” undisclosed investment and committing to develop the technology for a broad application in textiles.
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