Advanced Clothing Solutions (ACS), which supports fashion retailers’ rental operations in the UK, has received a £10 million investment boost from Circularity Capital.
Circularity Capital is a specialist growth equity fund manager which invests in European small-to-medium enterprises involved in the circular economy. The investment group’s aim is to deliver value for investors by supporting growth and innovation across the circular economy.
The investment from Circularity Capital is set to support the further expansion of ACS’ solution which helps fashion retailers such as Moss Bros and LK Bennett provide rental operations for their customers. Rental is viewed by many as a greener route for the fashion industry to follow as it keeps garments in circulation for longer and discourages spending on so-called ‘throwaway’ items and overconsumption.
ACS plays a part in several retailers’ rental, subscription, and resale divisions by providing fulfilment services – such as cleaning, and the movement and preparation of goods – via its purpose-built facility in North Lanarkshire, Scotland. It says its warehouse can store more than three million clothing items and it processes in excess of six million units per year.
Andrew Rough, CEO of ACS, said: “I am delighted to partner with Circularity Capital, this strategic partnership recognises our objective of creating one of Europe’s largest circular fashion solutions providers specialising in clothing rental, subscription and resale.
“Circularity has a proven track record in playing a proactive role in supporting the growth of circular businesses. Offering so much more than just finance, the organisation will prove pivotal in delivering our goal of helping more fashion businesses to embrace rental, subscription and resale models.”
Andrew Shannon, founding partner at Circularity Capital, warned that, around the world, “a truckload of textiles is landfilled or incinerated every second”.
He added: “ACS provides the capabilities and processes to enable retailers to scale their rental, subscription and resale ambitions with ease, transforming the industry from a traditional take-make-dispose model to one of reuse and resale.”
ACS works with retailers directly but also supports the industry indirectly through strategic partnerships with other circular economy ecosystem players such as CaaStle, Hardly Ever Worn It, and Reflaunt.
[Image credit: Green Retail World]