Evaluating only Worn Again Technologies’s profile at its peak — without knowing the outcome — the model ranked Unit economics as the #1 likely cause. Documented cause: Product failure.
Key Events Timeline
FOUNDING
Cyndi Rhoades founds Worn Again in London to pioneer chemical textile recycling.
FUNDING
Raises £20M+ from H&M Group, Kering, and Sulzer to build pilot plant in Stockport.
PIVOT
Delays commercial plant opening to 2025 after technical challenges with blended fabric separation.
SHUTDOWN
Enters administration as Stockport plant construction costs overrun and investors withdraw further funding.
Full Analysis
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Documented cause
Worn Again Technologies raised over £30M from H&M, Kering, Sulzer and others to develop chemical recycling technology that could separate and recapture polyester and cotton from blended textile waste. After 19 years of R&D, the company failed to achieve commercial-scale throughput. In 2024 it entered administration after its planned Stockport pilot plant faced construction delays and cost overruns that exhausted investor patience and available capital.
Lesson
“Fashion industry R&D timelines are incompatible with venture capital patience — deep tech needs patient capital.”
Failure anatomy
Collapse type
Bankruptcy
📉 MEDIUM
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