Mango Invests in Sustainable Startup Recovo
With an initial investment of 3 million euros, the startup accelerator was created to find companies and early-stage projects to carry out "seed capital investments that bring innovation to the fashion industry value chain and improve customer experience". The accelerator's priorities include sustainability and technology, as well as all stages of the value chain, including product creation, distribution and sourcing. Through this project, Mango is looking to partner with more than 50 companies in the sector.
After a rigorous selection phase, the Barcelona-based company Recovo has been the first project to receive Mango's investment, with no financial details disclosed. Along with other companies, Recovo is already participating in Mango's acceleration process, in which entrepreneurs will receive advice and training on "the purchase and sale of fabrics in a large fashion company, product architecture and UX for a personalised experience, the development process, and the architecture of a marketplace itself," Mango said in a statement.
Founded in 2021 by two former Inditex employees, Mónica Rodríguez and Marta Iglesias, and former Tous employee Gonzalo Sáenz, Recovo is a Spanish platform specialising in the resale of surplus fabrics, yarns and production materials. The startup's business model is based on charging commissions for sales. They are committed to circularity and traceability, and they want to give "surplus fabrics a second chance to reduce their impact on the environment." To date, the company already collaborates with companies such as Paloma Wool, Moisés Nieto and Sepiia.
"We are very pleased to have been selected from among many companies. This project will definitely help us to scale our business model. Working with a big company like Mango will also help us to continue growing", explained Recovo's CEO, Mónica Rodríguez.
"To have a large-scale positive impact, we cannot limit ourselves to working with small companies, but must collaborate closely with large companies in the sector," the entrepreneur added.
Mango has been around since 1984 and has a network of 2,508 stores in 110 countries worldwide. In the first half of the year, Mango increased its turnover by 25% to 1.21 million euros.
Source: Fashion Network