Mango invests in sustainable startup Recovo
Mango is betting on innovation and external talent. Through Mango StartUp Studio, the fashion startup accelerator launched in April, the Catalonia-based fashion group led by Toni Ruiz has invested in the Spanish startup Recovo through "a convertible equity loan".
With an initial investment of 3 million euros, the startup accelerator was created with the aim of finding companies and early-stage projects in which 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, about which no financial details have been 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 personalized 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 specializing in the resale of surplus fabrics, yarns and production materials. With a business model based on charging commissions for sales transactions, the startup is committed to circularity and traceability and aims to offer "a second chance to surplus fabrics to minimize their environmental impact". 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 FashionNetwork.com.
"In order 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.
Founded in 1984, Mango is present in 110 international markets through a network of 2508 points of sale. In the first half of the year, Mango increased its turnover by 25% to 1.21 million euros.
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