Stella McCartney to Ralph Lauren Have Ventured Into Vegan Leather—Meet Their Supplier | Kanebridge News
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Stella McCartney to Ralph Lauren Have Ventured Into Vegan Leather—Meet Their Supplier

By Nadja Sayej
Sat, Aug 12, 2023 7:30amGrey Clock 3 min

As plant-based materials increasingly replace leather in luxury goods, NFW is one of the companies working behind the scenes to bring vegan materials to fashion brands like Ralph Lauren, Patagonia, and Stella McCartney

This self-proclaimed “material innovations company,” whose name stands for Natural Fiber Welding, is a leader in the wave of vegan materials. NFW’s founder and CEO is Luke Haverhals, who has a PhD in chemistry from the University of Iowa, but always had an interest in economics.

“I asked myself, ‘What is a reasonable way to replace the entire plastics industry, economically speaking?’” Haverhals says. “I was on a quest to make sure humans were less dependent on carbon high toxin materials, I thought what I could do to solve this problem?”

The answer was in plants. Haverhals founded Peoria, Ill.-based NFW in 2015, envisioning a plastic-free future.

“People think plastics are cheap, but they’re among the most expensive and toxic things that humans ever tried to create,” he says.

THE ITEM

NSW provides fabrics for many brands, including Stella McCartney’s MIRUM-made handbags, which are 100% recyclable and circular—meaning at the end of their life, the material can be reused to make something else.

The name of this fabric comes from the Latin word for “miracle,” Haverhals says. “We don’t call it ‘leather,’ but it’s a leather-like material. It allows us to work with fashion designers and brands and we aim to start well, stay clean, and end well with regenerative materials. We don’t add bioplastics or polyurethane.”

The collection of NFW’s Mirum-fabric includes the Falabella MIRUM Tiny Tote Bag and the Frayme bag. They were launched at the Fall/Winter 2023 runway show at Paris Fashion Week in spring of 2023, and are available for pre-order, shipping out this month. They’re the world’s first luxury handbags crafted from this new vegan, plastic-free alternative.

McCartney aims to source 100% of her products from recyclables by 2025. “McCartney has been instrumental to NFW, she is a guiding light to the industry,” Haverhals says. “If we can get more luxury brands onboard, it will be better for others to get clean materials into their products, as well.”

The collection is a “call-to-action to take a stand for our planet,” McCartney said in a statement. “I have long dreamed of the day when we would see a plant-based alternative to leather that does not kill a single creature and can be easily given back to Mother Earth, without creating waste.”

(NFW is also funded by the Collab SOS Fund, a US$200 million fund which invests in companies that power a more sustainable economy. McCartney is one of its co-founders).

THE PRICE

As an example of the luxury goods NFW provides materials for, the Falabella Mirium Tiny Tote Bag sells for US$1,170.

WHAT’S THE GOOD?

NFW uses natural ingredients like vegetable oil and citric acid. “They can easily be turned into natural polymers when they break down,” Haverhals says. “We use natural rubber, cotton, we source regenerative cotton, we use cork, leftover from wine bottles, we use rice hulls, which are thrown out, a lot of things that are overlooked in the supply chain.”

WHAT’S NEXT

The company is gearing up for a launch with Ralph Lauren. It recently opened a factory in Peoria, as part of their expansion, and plans to expand to Europe, Southeast Asia, Sri Lanka, and China. “It’s important for us to be in China and we are proud to be partnering with them, helping take care of people and animals on the planet we share,” Haverhals says.

More than 1,500 brands reach out to NFW. “Everyone wants to better their brand,” he says. “When you think of shoes, bags and apparel, we are cleaning up the supply chain,” Haverhals says. “That’s our mission—to enable the world in a transparent, traceable way—where we don’t have any polyurethane goblins hiding in the closet.”



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Bank of Sharjah Reports AED 171 Million Profit for H1 2024, Marking a 233% Year-Over-Year Increase

Highlighting a significant recovery and robust growth across all key performance metrics.

Fri, Jul 26, 2024 3 min

Bank of Sharjah has released its results for the period ending 30 June 2024, showcasing robust performance and strong momentum since the beginning of the year. The Bank reported a net profit of AED 171 million, a significant turnaround from the AED 144 million loss in the same period last year.

This remarkable improvement is attributed to a substantial increase in net interest income, stringent credit underwriting, and reduced operating costs, marking a 233% increase over the previous year when excluding the one-time impairment charge from de-linking its Lebanese subsidiary.

The Bank’s exceptional financial results highlight the effectiveness of its strategic focus on sustainable growth, with notable improvements across all major performance metrics. Funded and unfunded income both saw increases, with net interest income rising by 108% and operating income growing by 34%.

Additionally, the cost-to-income ratio improved significantly to 40.1% due to cost discipline measures. The balance sheet remains strong with a loans-to-deposits ratio of 86.63%, indicating comfortable liquidity. The Bank also maintains strong capitalization, with a regulatory capital adequacy ratio exceeding 15% and Tier 1 and CET1 capital ratios around 14%. These positive results underscore the Bank’s underlying strength, operational efficiency, prudent risk management, and ongoing enhancement of shareholder value.

Commenting on the Bank’s results, Sheikh Mohammed bin Saud Al Qasimi, Chairman of Bank of Sharjah, stated: “We are pleased with our outstanding performance in the first half of 2024, which reflects our commitment to adding value to our customers, supporting our communities, and rewarding our shareholders. Despite the challenging geopolitical situation in the region, the UAE economy has remained resilient and continues to register healthy growth following various economic diversification initiatives that provide consistent impetus for trade, investment, and wealth creation. Bank of Sharjah has entered a new chapter with a new leadership team, focused on building new business streams, expanding our reach across the UAE and the region, and delivering exceptional service to our customers.”

He added: “Our performance in the first half of the year demonstrates the effectiveness of our new strategy, and we look forward to delivering continued growth in the years to come.”

The CEO, Mr. Mohamed Khadiri, commented “2024 has begun exceptionally well for Bank of Sharjah, with the bank achieving a record year-on-year profit. I am delighted with our stellar performance as we continue to strengthen the bank’s fundamentals. Our outstanding results reaffirm that our new business strategy is on track to deliver sustainable revenue growth, driven by business expansion, operational efficiency, prudent risk management, and talent development. This achievement is also a testament to the Bank’s success in providing high-quality financial services that meet the aspirations and growing needs of our customers.”

He further added: “Bank of Sharjah is a strong and respected brand within the local community. We are leveraging our core strengths to build a platform that will operate at its full potential across the UAE and the region. The Bank remains focused on executing our strategy and is well-positioned to maintain strong performance throughout 2024 and beyond.”

 

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