PARIS – Chanel said on Tuesday it has acquired a minority stake in green chemistry company Evolved by Nature.
Formerly known as Silk Inc., the Boston-based firm focuses on designing and developing biomaterials-based products for industries ranging from personal care to textiles and medical devices. Its Activated Silk technology, consisting of natural silk in liquid form, provides a non-toxic alternative to chemicals in products.
“This partnership will allow Chanel to explore innovative material, mechanical and optical enhancements of different fabrics, in line with Chanel’s ambition of constantly creating materials of exceptional and unique quality. This investment is part of the company’s strategy in investing in green technology,” Chanel said in a statement.
Chanel has been diversifying its investments to keep pace with rapid technological changes in technology.
Last year, the French luxury house took a minority stake in luxury e-commerce platform Farfetch as part of an exclusive multiyear innovation partnership aimed at developing digital initiatives designed to deliver an “unparalleled customer experience” both off-line and online, in-store and out-of-store.
Chanel owns 26 specialty ateliers through its Paraffection subsidiary, which includes the jeweler Desrues, feather maker Lemarié, embroiderers Maison Lesage and Atelier Montex, shoemaker Massaro, milliner Maison Michel and cashmere specialist Barrie.