• MycoWorks, a manufacturer of mycelium-based alternative leather, has announced the commercial launch of its first fashion product made from “Reishi,” the company’s mycelium-based leather brand, in partnership with luxury hatmaker Nick Fouquet.

• Nick Fouquet has launched the “Reishi Collection,” which includes the “Reishi Boletus,” “Coprinus,” and “Morchella” hats. Reishi was used as a 100% base material for the Boletus, whereas the Coprinus and the Morchella hats use Reishi for their decorative details and trims. The hats are a limited-time purchase and are available on Nick Fouquet’s website. 

• Hatmaker Nick Fouquet claimed that Reishi is the only leather alternative that reportedly matches leather in terms of beauty, quality, and functionality. This launch is also considered a major step forward for the fashion industry, which is looking for a high-quality leather alternative with a lower impact on the environment. 

• MycoWorks also reported that it plans to commercialize Reishi in partnership with other heritage brands and independent designers throughout the year. 

<ul><li> Analyst QuickTake: This announcement follows MycoWorks’ USD 125 million Series C funding round in January 2022 , which was raised to accelerate the commercial production of Reishi. As at that date, MycoWorks was operating three production plants to produce Reishi and was also building a new facility in South Carolina, which was stated to have the capacity to produce several million sq ft of mycelium per year to support the production of Reishi.</ul>