- Nanollose (NC6) signs a memorandum of understanding (MoU) with Industria de Diseño Textil (INDITEX), one of the world’s largest fashion retailers
- Under the non-exclusive MoU, Nanollose will initially give free samples of the company’s flagship nullarbor lyocell from its current pilot program with Birla Cellulose
- During the pilot phase of product development, Nanollose will work with INDITEX, supplying samples of various materials for testing and prototyping
- In return, INDITEX is granted early access to the company’s materials to determine the potential for use in their various brands
- Nanollose last traded at 9 cents per share on Wednesday, May 25
Nanollose (NC6) has signed a memorandum of understanding (MoU) with Industria de Diseño Textil (INDITEX), one of the world’s largest fashion retailers.
Under the non-exclusive MoU, Nanollose will give free samples of the company’s “Tree-Free” nullarbor lyocell from its current pilot program with Birla Cellulose.
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.
In return, INDITEX is granted early access to the company’s materials to determine the potential for use in their various brands.
While initial samples are supplied at no cost, subsequent larger quantities will be supplied at a price to be mutually agreed at the time based on factors such as the percentage of microbial cellulose in the fibre, material type and any costs associated with dyeing and finishing.
The company may cease providing materials to INDITEX, and INDITEX may request to cease receiving materials by giving at least five days’ notice to the other party.
Nanollose said the MoU shows the significant interest and demand for sustainable solutions in the fashion and textile industry, and the willingness and commitment of industry leaders such as INDITEX to seek out and support sustainable innovations.
INDITEX has numerous retail brands, including Zara, Pull&Bear, Massimo Dutti, Bershka, and Stradivarius, and has over 6600 stores in 96 markets.
Nanollose last traded at 9 cents per share on Wednesday, May 25.