Lectra to acquire TextileGenesis - insidedenim: Glo InsideDenim

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Lectra to acquire TextileGenesis

12/12/2022
Lectra, a French technology provider for the textile & apparel industries, has announced that it will acquire 51% of the capital and voting rights of TextileGenesis, a tracing technology start-up founded by former Lenzing executive Amit Gautam in 2018. In the agreement, Lectra will purchase 51% of TextileGenesis for €15.2 million in January 2023, and will acquire the remaining shares in two further stages, in 2026 and 2028, based on the company’s revenues in 2025 and 2027.

TextileGenesis has developed a Software as a Service (SaaS) platform that traces a product from raw material to finished good and secures each transaction and certification in a blockchain. Early users of this digital traceability system include Lenzing and the US Cotton Trust Protocol.

Amit Gautam, founder and CEO commented: “partnering with Lectra allows us to accelerate our global footprint and further invest and strengthen our technological capabilities.” He added that: “Today, only 19% of fashion industry actors have visibility of their value chain, and this visibility is often partial. Many brands, especially those that have set ambitious sustainability goals, face a real challenge in terms of supply chain transparency. If they cannot track the life cycle of certified materials, they will not be able to justify the sustainability of their products.”

Founded near Bordeaux, France, in 1973, industry 4.0 specialist Lectra reported revenues of €388 million in 2021 and has set a revenue target of €514 to 534 million for 2022.

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