Chanel has launched a new B2B circular materials platform called Nevold, aimed at accelerating sustainability efforts within the luxury industry through recycled textiles and regenerated high-end materials. The name “Nevold” combines “never” and “old,” reflecting its focus on material reuse and innovation. Operating as an independent entity, Nevold is led by former Patou CEO Sophie Brocart and has received investment of 50 million euros to 80 million euros ($57.0 million to $91.1 million) from Chanel. The platform is open to collaboration with other brands. Nevold has introduced yarn made from virgin fibers and recycled waste, plus regenerated leather. Analysts estimate 30% of Chanel handbags and 50% of its shoes now incorporate Nevold-developed materials.