Dive Brief:
- Circulose, formerly Renewcell, has appointed Helena Helmersson chairman of the board and Jonatan Janmark the new CEO, according to a press release last week.
- Helmersson was most recently the CEO of H&M Group, a role she left in January, according to her LinkedIn, while Janmark was most recently a partner at McKinsey & Company. Both Helmersson and Janmark will step into their new roles Dec. 1.
- The new hires come after Sweden-based investment firm Altor bought Renewcell out of bankruptcy in June and rebranded it as Circulose — which is also the name of the company’s pulp material made from textile waste.
Dive Insight:
Janmark will succeed Magnus Lundmark, who held the interim CEO role since Altor bought the company. Lundmark will continue to lead operations for the company, Clara Zverina, principal at Altor, said in the press release.
“A challenger like Circulose, with the power to make the textile industry circular, will need experienced and world-class leaders to drive that change,” Zverina said. “We are taking action on that now, and we are immensely proud to attract Helena and Jonatan, a true dream team. Their experience and expertise are key for us to secure a stable and successful path for Circulose moving forward.”
The Circulose material is made from discarded textiles that can no longer be resold or used. To create the product, used clothes are shredded, and materials such as polyester are taken out, leaving cellulose, which is then dried to produce the Circulose product.
The former Renewcell filed for bankruptcy in February, after it said it wasn’t able to secure enough financing to continue operations.
In last week’s release, Helmersson said the company’s partnership with Altor will be beneficial to Circulose’s future because of Altor’s industrial heritage and history of helping companies scale.
“Circulose feels very much like a natural fit, for me and for the future, and I look forward to contributing with my many years of experience in the fashion industry,” Helmersson said.
Helmersson also served as co-chair of the Fashion Pact, a CEO-led fashion industry initiative calling for a vast cut to emissions across its value chains. She held the role from May 2023 to June of this year.
Meanwhile, in his role at McKinsey, Janmark worked with both brands and textile manufacturers on their sustainability transitions, he said in the release.
“With a strong team, we will now focus on strengthening Circulose to unlock the necessary shift from a linear to a circular textile industry,” Janmark said. “We recognize the many challenges ahead and the shift won’t happen overnight, but we are fully committed to seeing it through.”
