Decathlon invests in textile recycling start-up Recyc'Elit
Committed to reducing the harmful impact of its activities, sports goods retailer Decathlon has announced an investment - the amount of which has not been disclosed - in start-up Recyc'Elit, via its Decathlon Alliances structure. Founded in 2019 in the Lyon region in France and run by brothers and science doctors Karim and Raouf Medimagh, the company has developed a process to recycle complex polyester-based materials by separating the fibres. Its next step is to industrialise this innovation.
Recyc'Elit plans to build its first prototype by 2025. "The process of recycling complex textiles such as polyester and mixing it with other fibres is a priority for Decathlon, and Recyc'Elit is a trusted partner for developing recycled products from textile waste," says the Mulliez family-owned chain in a press release.
Decathlon intends to source recycled polyester from the start-up in the long term, in a bid to "maintain its competitive edge while participating in the textile recycling value chain." A long-term commercial collaboration has been announced, including the creation of capsule collections and, more generally, "the creation of a value chain with Recyc'Elit and all committed partners wishing to become involved in this process," according to Decathlon.
In October 2023, the start-up raised €3.2 million from Demeter, via the Fonds d'Amorçage Industriel Métropolitain (FAIM) Lyon - Saint Etienne and UI Investissement, alongside the Banque des Territoires on behalf of the French government as part of France 2030, Crédit Agricole Création and business angels.
For Decathlon, sustainability is one of the areas identified by CEO Barbara Martin Coppola in her "North Star" strategic plan, unveiled last March. It also involves a new visual identity, a revamped shop format and a tighter portfolio of its own brands. With a network of 1,700 shops, the chain generated worldwide sales of 15.6 billion euros in 2023 (+1.15%), with a net profit of 931 million euros (+0.9%).
