Truffle is the new black. Bolt Threads and mushroom leather
Armed with just the humble mushroom, can Bolt Threads relegate leather to last season?
Mushrooms are magic
No, I’m not talking about thooooose mushrooms.
From the humble chestnut to the mighty king oyster, mushrooms are a chef’s dream. Their umami taste and rich, meaty texture makes them a key component in many cuisines.
But it doesn’t stop there.
Mushrooms’ versatility extends beyond the culinary world. Companies in various industries are turning to mushrooms, or more specifically, mycelium (the underground network structure of a mushroom, kinda like its ‘roots’) as a solution, such as:
Ecovative Design – a New York-based company that makes a mushroom Styrofoam alternative ($30m in funding to date, with IKEA and Dell amongst its clients)
London-based Biohm have created a mycelium-based cladding for construction
NASA is examining the possibility of building fungal homes on Mars (I’m not hallucinating, swear down)
Now, it’s the fashion industry’s turn. With Mylo, a mycelium leather, Bolt Threads is bringing the fun(gi) to fabrics.
A bioengineer, a biophysicist, and a biochemist walk into a bar…
Bolt Threads is the punchline. But it’s no joke. Nor is its mission statement: to develop better materials for a better world.
Investors seemingly agree. Bolt Threads have raised $213m in funding, making it one of Silicon Valley’s best-backed companies. In 2017 they took on spiders with their Microsilk made from sugar. Now the attention is on leather.
Leather has long been the target of environmentalists. The double whammy of animal agriculture and toxic chemicals from tanneries inflicts huge ecological damage. Add into the mix concerns over animal welfare, and it is clear that there is demand for an alternative.
Mylo promises to be just that.
According to Bolt, Mylo has “unbelievably low environmental impact”, requiring 90% less water than leather and emitting vastly lower greenhouse gases. As for its look and feel? Mylo has an unmistakable resemblance to animal leather whilst being breathable, supple and robust.
Riding on the back of the fashion industry’s coattails
Having a great product is one thing, making $$$ is another. How can Bolt’s backers see a return on their investment?
While the size of the fashion industry is undoubtedly attractive, Bolt have no intention of launching their own consumer product lines. Rather, they will supply manufacturers with the material to make their respective products.
From a business perspective, this model makes sense; Bolt can leverage brands that consumers already love to build demand for their Mylo. In theory, convincing executives and product designers of big fashion brands to use their material is a lot easier than selling the product to millions of consumers. And there’s already been progress on that front.
Bolt have formed what they call the ‘Mylo consortium’, which includes fashion behemoths Adidas, lululemon, Kering and Stella McCartney (imagine the clamour if Adidas-sponsored Lionel Messi rocks a pair of shroom football boots in front of his 140m+ Instagram followers). Expect to see these companies dropping their first Mylo products in 2021.
Focusing on supply should also improve margins. With minimal ad spend, no complex distribution channels and fewer employees, Bolt can concentrate solely on scaling production and gain significant economies of scale. Happy days.
The writing on the wall for leather?
Make no mistake, demand for animal leather will not be disappearing any time soon. But over time, leather manufacturers will feel the pinch as more consumers prioritise sustainability.
To back this up, the faux leather industry is projected to reach $85bn by 2025. And shrooms aren’t the only green leather substitute. Other wacky alt-leathers include:
Piñatex, a pineapple leather made by Ananas Anam
Zoa, a yeast-based leather made by Modern Meadow
Fish skin leather made by French company Ictyos
Leather clearly lags behind from an environmental point of view, but the economics don’t stack favourably for it either. Mylo can be grown in days, compared to the years it takes to raise a cow (in the right conditions, shrooms double in size every day). And, because fungi thrive in dark, mild temperatures, mushroom factories save a lot on bills. Mushrooms can also be farmed vertically, consuming less space, and, again, cutting down costs.
Of course, the environment and cost cannot be the only factors considered. Consumers are willing to pay a premium for superior goods. Not exactly revelatory, I know, but important to note.
The challenge for Mylo then is to match leather on quality so there is no compromise for the consumer.
It’s unrealistic to expect masses of people to choose sustainability over performance.
If Mylo lives up to its promise, they may not have to.