Australian Wool Innovation (AWI) has now completed its purchase of the Woolmark brand. The company hopes this will improve product speed to market and facilitate greater proximity with customers as well as offering closer relationships between its research, development and marketing processes.

“AWI will invest a significant amount of money to invigorate the Woolmark brand and enhance its credibility and reputation,” said AWI chief executive officer, Craig Welsh.

“Throughout this integration process, AWI will both inform and carefully consider the needs of all Woolmark licensees across 70 countries,” he added.

According to Mr Welsh, the company plans to target other prominent companies in “the creative design centres of Europe, the processing and manufacturing powerhouse of China, the retail brand and sportswear hub of the United States, the world knitwear centre of Hong Kong and emerging markets such as India.”

AWI is the research, innovation and marketing arm of the Australian wool industry.