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PARIS — French lab-grown leather company Faircraft has acquired the strategic assets of U.S.-based VitroLabs.
VitroLabs, which raised $46 million in funding in May 2022, will cease operations.
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Faircraft has acquired all strategic assets, including VitroLabs partnerships on the scientific and technical development side.
Faircraft “will fully take over the next development steps — industrial and commercial — to bring these materials to market at scale,” cofounder and chief executive officer Haïkel Balti told WWD.
The Kering-backed VitroLabs has 10 years of research and development and 30 patents that will help strengthen the foundations of lab-grown leather and support Faircraft’s goal of scaling up the production of its material for the fashion and luxury industry.
“This acquisition represents a real strategic turning point for us — we are now the leader in the production of high quality in vitro leather, and will now move into a new phase of industrialization,” Balti added.
This follows Faircraft closing a series A funding round to the tune of 15 million euros in November 2024. The Paris-based company was founded in 2021.
Kering backed the Silicon Valley-based VitroLabs as part of $46 million funding round in May 2022. Danish fast-fashion brand Bestseller and actor Leonardo DiCaprio were also part of the round, led by the clean food investment firm Agronomics.
However, the company underwent a round of layoffs in early 2024 and there “is now no more active staff on the team,” the company told WWD.
VitroLabs has been a pioneer in the space with a focus on research and development of a stem cell-based product. As part of the deal, Faircraft is acquiring the patents for the cultivation of multilayered skin structures, the use of synthetic or natural biological supports for cell cultivation, and the development and use of cells for lab-grown leather cultivation at scale.
“Our objective is clear: To make in vitro leather a mark of prestige for the world’s leading fashion houses,” Balti added.
Taking advantage of its strategic location close to the major luxury groups, Faircraft has been working with an unnamed handful of houses to get its product up to quality standards. The biotech company aims to launch its first full-scale production plant within two years to service the luxury leather goods market.
As it scales up, Faircraft is building out its scientific, technical and operational departments, Balti said, with several key hires in the coming months. “We are seeing great interest from all over the world — more and more from U.S. scientists.” Faircraft counts 26 full-time employees.