David Wertheimer, Chanel’s heir has invested funds that aim to develop a technology to extract a substance from sugarcane that could potentially replace plastic and other materials utilised in apparel, shoes and accessories.
Wertheimer has joined hands with his brother Alain and is repeatedly considering two businesses in Brazil. The son of the French billionaire businessman Gérard Wertheimer who owns Chanel, has signed a partnership with the Brazilian subsidiary of Swiss bank Mirabaud to explore investing in technologies to use sugar cane as a replacement material. This includes replacing plastic and non-organic rubber materials.
Wertheimer stated that they were looking at a set of brands that are completely sustainable, linked to sugar cane using recyclable leather and other recycled materials.
He further stated that they were also finding new ways of selling online of communication to facilitate negotiations and they looked at how people will approach the consumption henceforth.
He believes that the new luxury is to be sustainable and his vision is to see all brands become sustainable in the near future.
The fund is expected to raise around US$240million from investors.
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