The Port of Oakland announced the approval of a $465.3 million fiscal year 2022 budget by the Oakland Board of Port Commissioners. With the fiscal year 2021 approved for $432.5 million, this recent decision represents an increase of 7.6 percent. “We are proud of all of the Port of Oakland employees who have gone above and beyond to help keep us financially solvent and move forward during a once-in-a-hundred-year pandemic,” said Port Board President Andreas Cluver. “With a capital budget of $102.9 million, the port is remaining committed to regulatory-compliance and infrastructure-upgrade projects. Our budget strategy is to maintain long-term financial strength, resiliency, and prioritize and plan for major capital projects,” said Port of Oakland Executive Director Danny Wan.

Sweden-based textile-innovation brand Coloreel announced that it has secured 70 million SEK, or more than 8 million USD, in private placement to existing and new shareholders. These funds will support market expansion and growth while also exploring new applications such as sewing. “In this private placement, we bring in a number of exciting and strong investors alongside the existing major shareholders, Robur Ny Teknik, SEB Stiftelsen, Svea Ekonomi and Ilija Batljan, who also participated in this placement. In parallel to this, we now receive more and more new expressions of interest from additional investors, which feels very exciting,” said Coloreel founder Joakim Staberg. Coloreel offers sustainable and high-quality on-demand digital dyeing of threads.

Thermore, the Milan thermal-insulation producer whose products are relied upon by the apparel industry, announced the launch of its new Ecodown Fibers Genius. Through its development of the product, Thermore has created fibers that intertwine, affording even distribution of insulation, which minimizes the occurrence of cold spots or clumping. According to the company, the new product is “a hybrid between free fibers and rolled insulation.” Ecodown Fibers Genius is durable, allowing it to be blown in baffles, panels or hand stuffed or applied to custom patterns and squares for plaid construction. Termed by Thermore as the “Swiss Army knife of free-fiber products,” the new product actually increases in warmth by 10 percent after washing.

Luxury-goods company Salvatore Ferragamo S.p.A. entered into a transaction agreement with Inter Parfums, Inc., a manufacturer and distributor of prestige perfumes. Inter Parfums, Inc., will retain the exclusive and worldwide license of the Italy-based Ferragamo perfumes. Effective in October, the agreement will last 10 years with a 5-year optional term subject to certain conditions. The perfume maker will operate through a wholly owned Italian company in Florence, guaranteeing production in the country. “Inter Parfums’ great competence and recognized creativity make it the ideal partner to preserve the values and heritage of our brand with made-in-Italy products,” said Leonardo Ferragamo, president of Salvatore Ferragamo S.p.A. “Its great commercial expertise will also ensure a new boost to the business of our fragrances, which will be distributed through a carefully selected sales network.”