Textile recycler Circulose has announced two high-profile leadership appointments as it looks to regain its footing following a recent bankruptcy. Former H&M Group CEO Helena Helmersson will chair the board, while McKinsey partner Jonatan Janmark has been named CEO, effective December 2024.
Circulose, previously known as Renewcell, was a pioneer in textile-to-textile recycling, attracting significant backing from industry giants like H&M. However, the company faced financial struggles due to a mismatch between its increased production capacity and slower-than-anticipated market demand for recycled textiles. In June 2024, it was acquired out of bankruptcy by private equity firm Altor Equity Partners.
Janmark emphasized the company’s renewed mission to drive a transition from a linear to a circular textile economy. “The shift won’t happen overnight, but we are fully committed to seeing it through,” he said in a statement.
The appointments come amid a challenging landscape for recycling innovators, who face competition from the established material supply chain’s affordability and reliability. Helmersson’s industry experience and Janmark’s strategic expertise are expected to help Circulose navigate these hurdles and re-establish itself as a leader in the sustainable textiles market.
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