Industry News
Coloreel Group files for bankruptcy C
oloreel Group has fi led for bankruptcy after an inability to develop business volume quickly enough and secure the necessary fi nancing.
Despite many in-depth discussions with fi nancial investors and potential industrial partners to secure additional funding, the Swedish technology company has been unable to overcome its fi nancial hurdles. Anders Persson, chairman of the board at Coloreel Group, said: “It is
The Coloreel was an instant thread dyeing unit
with a heavy heart that we announce the fi ling for bankruptcy.
“We have been working very hard to Kingly is on a winning streak K
ingly has been awarded the Socially Responsible Strategic Management Award 2023.
The company secured third prize in the Ecology category for its innovative Denim Upcycling Project. The award ceremony, organised by the Ministry of Labour and Social Policy in Bulgaria, was held on June 17, after a six-month postponement. Kingly’s innovative project was selected from a pool of 50 contenders, impressing the jury with its commitment to sustainability and environmental protection.
The recent accolade builds on Kingly’s previous success at the 2022 Strategic Management Award ceremony, where it won fi rst prize in the Ecology category. In other news, Kingly has reclaimed its title as the fastest sock-knitting company in the industry. Now operating with a triple-shift
manufacturing system and additional machinery, Kingly is producing socks at unprecedented speeds. The company has recently launched a custom sock-knitting service, offering production for orders ranging from 50 pairs to 500 pairs in fi ve working days.
To add to the company’s streak of success, this year Kingly is celebrating 20 years of being at the forefront of the compressed T shirt and towel markets by announcing the return of the compressed T shirt.
CEO of Kingly, Rob Armour, said: “We are thrilled to celebrate this milestone. “Our investment in new machinery allows us to continue delivering innovative, high-quality products that help our clients stand out.”
The return of the compressed T shirt in festive shapes, offers an opportunity for brands to make an impact this Christmas.
Kingly has been awarded the Socially Responsible Strategic Management Award 2023
introduce a new technology and new ways of working on the global textile market. Despite relentless efforts to grow the business, minimise operational costs, and secure additional funding, the challenges are too great.
“The board and the management are incredibly proud of what our team has achieved, and we are grateful for the support we have received.” The Coloreel unit instantly dyed a white thread to produce unlimited colours for embroidery designs.
Fruit of the Loom celebrates 30th anniversary of German HQ
O
n July 12, Fruit of the Loom International celebrated the 30th anniversary of its Kaiserslautern location, the European headquarters of the three cult brands Fruit of the Loom, Russell Europe and JERZEES.
The 30th anniversary festival was attended by over 200 guests, and celebrated from the afternoon until late in the evening in a cheerful and informal setting, as the Fruit of the Loom family and the company management and employees were happy about a successful anniversary event. Executive management appreciates the loyal employees by accepting them into the global Founders’ Club, which meets annually as a valuable part of the company. There was also an award and a voucher for the employees.
As an employer, FOL Kaiserslautern is pleased to have satisfi ed and loyal employees, which means absolute recognition of the good working conditions in these unstable times. The textiles of the brand cosmos are designed, stored and marketed by over 100 employees across 84,000sq m at the European HQ.
| 6 | August 2024
www.printwearandpromotion.co.uk
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