The Authorities: The go-to experts for top brands seeking growth
Executive chair and founder, Spinnova
One of the companies leading the charge in fashion’s circular economy is Finland-based sustainable materials company Spinnova, with Janne Poranen at the helm. CEO until June, Poranen now manages long-term strategy for the company as the chair of the board of directors. In 2021, 8-year-old Spinnova was listed on the Nasdaq Helsinki with a market capitalization of $386 million.
This year, Poranen led partnerships with Adidas and Marimekko to create quality garments out of wood pulp. As Spinnova scales, with more fashion partnerships set to launch next year, the company is building out its infrastructure. In December, it will open a $49 million factory in Finland, in partnership with wood pulp company Suzano.
How will current economic instability affect sustainability innovation?
“It is hard to say. People are at least appreciating local resources and production, because the global-level situation is quite different from what it was a couple of years ago. Even with Covid and the uncertainty thanks to the war, brands haven’t stopped sustainable initiatives and want to accelerate [them], because there is a positive pressure coming from customers. Previously, when faced with economic challenges, brands and customers would forget what the big [sustainability] targets were. But now, it looks like those targets are here to stay.”
The Adidas and Spinnova Terrex hoodie was among the first Spinnova products at scale. What were the results?
“The feedback from Adidas and the customers has been extremely good, with them saying that the pieces’ quality is nice, soft and warm, even though they’re made from a natural, dried-up fiber. Now we’re planning the next phase of our Adidas partnership. It’s also a win for us that Marimekko was willing to use their iconic designer print for their [Spinnova] collection. We are on track, when it comes to our brand partnership [goals]. Many will be coming into fruition this year and next.”
What’s next for Spinnova and you, in your new position?
“The change has [allowed me to focus on] the future. We have a target and plan for global expansion, together with Suzano. We want to produce up to 1.1 million tons of the Spinnova material in the next 10 years. We’ve seen the opportunity is there. The challenge now is to scale up the business as fast as possible, because that’s the only way we’re going to be able to make change at the global level.”
Click here to see all 2022 Glossy 50 honorees.