India's PDS Multinational acquires 50% stake in Filkor for £500,000

Filkor has developed a revolutionary product destruction process that allows for high-end fashion houses to transform their waste and surplus stocks into a granulate that is then upcycled 100 per cent into a variety of further uses i.e., brick slips, shop fittings, and other artistic and functional objects. Filkor will form part of the Circular Fashion Impact fund within the PDS Venture Tech Investments portfolio, PDS said in a press release.

The PDS platform has a key focus on sustainable materials, sustainable technologies and sustainable solutions. Through PDS Venture Tech portfolio, PDS is investing in early-stage businesses that focus on sustainable solutions. With these investments, PDS can cross leverage these capabilities with the wider PDS platform, offering value-added services to its customers, vendors and other stakeholders.

The global apparel industry annually produces massive levels of waste from the disposal of its excess stock, which amounts to apparel and accessories worth tens of millions of pounds. These huge waste levels go on to significantly contribute to environmental problems such as landfills, wastewater and global greenhouse gas emissions. Filkor has effectively developed an automated repurposing system, which by using patented collection and processing methods, produces and utilises the resultant waste to create a brand-new substrate that can be used in a wide range of global industries. This repurposing system enables the product to be securely destroyed in one single operation, effectively and quickly, providing fashion houses with a socially and environmentally acceptable solution.

“We are thrilled to add Filkor to our portfolio which enables repurposing and upcycling and is expected to benefit the fashion industry. For us at PDS, sustainability and circularity are critical and investments like Filkor enable us to further strengthen our capabilities and have a positive impact on the ecosystem in which we operate,” said Pallak Seth, vice chairman, based out of Hong Kong.

“PDS is carefully identifying opportunities which are in sync with our overall vision, and we are also focusing on technologies and solutions for the future. Filkor fits perfectly within our portfolio from both a business and environmental perspective,” said Sanjay Jain, Group CEO.

“We are all very excited about the opportunity that has unfolded as a result of this investment with such a prestigious brand, PDS, and we are now looking forward to taking this amazing Filkor process globally across the fashion world,” said Barry Kane, managing director and inventor of the Filkor Process.

Fibre2Fashion News Desk (KD)