PGG Wrightson deal to benefit NZ wool growers

PGG Wrightson Wool today announced an exclusive multi-year/multi-million dollar contract to supply New Zealand fine micron wool to one of the world’s premium sock manufacturers, point6.

Point6 was developed in the United States by apparel entrepreneurs Peter and Patty Duke seven years ago. The brand has earned international acclaim for the quality and durability of multi-sports socks made from fine micron wool and with demand now at record levels the Dukes decided to enter a direct supply contract to provide line-of-sight to where and how the wool, used in their garments, is grown.

PGG Wrightson Wool’s Business Development Manager, Craig Smith, said the opportunity to join forces with point6 came about through the proactive efforts of New Zealand farmers Walter Cameron and Simon Williamson who met with expat New Zealander and investor, Chris White, who lives in the United States and is friends with Peter and Patty Duke.

"The Dukes have been frequent visitors to New Zealand and know that New Zealand 22.5 micron wool is the best in the world. They wanted to lift an already premium product to another level by going to a pure New Zealand 22.5 micron wool and, because they work on 12 to 15 month lead manufacturing times, also wanted to lock in price stability.

"The contract will see PGG Wrightson Wool source 150 tonnes per year of 22.5 micron wool from New Zealand growers.

"Starting in early March we’ll be talking with growers of fine micron merino wool and, providing they can meet the tight measurement criteria which includes length, strength and whiteness, will be offering them a price which equates to a little below the 10 year average."

Craig Smith said the New Zealand wool will be shipped to a yarn spinner in China and then on to point6 in the United States where it will be made into socks.

"In the future, point6 socks will be made exclusively from New Zealand fine micron merino wool."

Craig Smith said PGG Wrightson Wool representatives will assist fine woolgrowers preparing to enter into supply contracts and again at the start of shearing to ensure quality criteria are met.

"In a market such as this, quality is vital to the success of the end product and to ensure on-going demand.

"We are confident that 100% pure fine micron merino wool will enhance an already prestigious brand and will potentially lead to greater demand for this unique fibre in the growing base-layer clothing and specialty outdoor clothing market," Craig Smith said.