Lab-grown leather pioneer Faircraft acquires assets from DiCaprio-backed VitroLabs

In Paris, biotech start-up Faircraft has announced the acquisition of key assets from U.S.-based VitroLabs, a pioneering player in the lab-grown leather industry that was backed early on by A-list actor Leonardo DiCaprio and luxury goods major Kering.

The deal gives Faircraft access to VitroLabs’ portfolio of 35 patents related to in vitro leather technology. Financial terms of the acquisition were not disclosed. Faircraft raised €15.2 million late last year.

“This acquisition is a strategic turning point,” Faircraft co-founder and CEO Haïkel Balti told the Luxury Tribune. “It significantly strengthens our position as a global leader in the development and commercialization of high-quality in vitro leather.”

Faircraft is focused on producing lab-grown leather for luxury fashion houses, with plans to eventually expand into the automotive and furniture markets.