Miroslava Duma’s sustainable fashion brand and materials science company Pangaia has sold a controlling stake to Abu Dhabi-based holding company Royal Group.
Royal Group is a family office of the Abu Dhabi royals chaired by Sheikh Tahnoun bin Zayed al-Nahyan, the brother of UAE President Sheikh Mohamed bin Zayed al-Nahyan.
Financial terms of the deal were not disclosed.
“Pangaia was founded as a platform for launching and scaling next-generation materials, with the mission of bringing problem-solving innovations to the world. The investment from Royal Group marks a significant milestone,” Duma said. “Their commitment to Pangaia’s mission and expertise in driving sustainable growth make them the perfect strategic partner as Pangaia embarks on its next chapter.”
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Royal Group will “lead and advance this shared vision for a transformative and responsible future for our industry going forward,” she added. The funding will support scaling up the apparel business as well as research and development in new materials.
It comes as the company celebrates its five-year anniversary, and seeks to shore up its balance sheet.
Duma founded the brand in 2019, and it quickly made its mark with colorful hoodies and tracksuits, and hit $16.6 million in profit the following year. But it failed to maintain its momentum despite a slew of celebrity fans, and the company surpassed $50 million in losses in 2022.
Former chief executive officer Krishna Nikhil exited at the end of 2023, and the company’s former chief financial officer Nathalie Longuet stepped into the role.
“Royal Group’s new leadership position will help strengthen Pangaia’s financial and operational foundation,” the company added.
Pangaia has pioneered new materials such as Frut, a pineapple and banana-based fiber, and Flwrdwn, a feather down-fill alternative made with wildflowers.
The brand has also worked with other next-gen materials, including a denim product made entirely from cotton textile waste with Evrnu’s NuCycl.
The brand opened its first stand-alone store in London’s Soho last July.
