A French startup with ambitions to crack the market for lab-grown leather has acquired Kering-backed rival VitroLabs for an undisclosed sum.
Faircraft, which was founded just four years ago, is aiming to launch a full-scale production plant for lab-grown skin within two years. If successful, it would be the first company to commercialise the pioneering technology. To date, moving from lab to market has proved tricky.
Faircraft said its acquisition will give it the benefit of nearly 10 years of R&D conducted by VitroLabs. The company’s primary assets are 30 patents that Faircraft said would strengthen its capacity to quickly industrialise.
“This acquisition represents a real strategic turning point for us: we are now the leader in the production of high-quality in vitro leather,” said Faircraft co-founder and CEO Haïkel Balti. “Our objective is clear: to make in vitro leather a mark of prestige for the world’s leading fashion houses.”
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Kering Invests in Lab-Grown Leather Startup
The French luxury giant participated in a $46 million funding round intended to accelerate commercialisation of San Francisco-based VitroLabs’ lab-grown leather.