Coloreel Group declares bankruptcy
The Swedish company has announced today it has filed for bankruptcy following financial difficulties
The two print and production businesses are uniting in order to combine technologies and increase geographic coverage
Printful, an on-demand print and fulfilment company, and Printify, a print-focused technology business, have announced they have merged in order to deliver “pioneering innovation for ecommerce sellers around the world.”
Both companies, which have been heavily involved in production-on-demand in ecommerce, hope to combine technologies, resources, and fulfilment solutions.
According to the two companies, the merger has satisfied regulatory review and received overwhelming support from the shareholders of both businesses.
In 2022 Printful launched its first UK fulfilment centre in order to scale up production and improve services in the UK. The centre is based in Wolverhampton and offers embroidery products, printed garments, and branded merchandise.
Printful was founded in California in 2013 and is headquartered in Riga, Latvia, and has fulfilment centres in Spain, Australia, Brazil, the US, Japan, and the UK.
Similarly, Printify is also based in Riga and also sells custom products like garments, bags, and accessories like mobile phone cases. In the UK, Printify uses businesses like Prodigi, Print Clever, and Harrier as its local print providers.
Printify says it is backed by large investors including Index Venture, H&M Group, and Virgin Group.
Both businesses offer entrepreneurs, side hustles, and small to medium businesses the chance to use creative and branded merchandise to engage fans and expand operations.
The combined company will use both Printful’s in-house production facilities as well as Printify’s network of more than 85 third-party production partners to provide broader geographic reach and greater production selection.
The two companies say the merge will help speed up the replacement of mass production and enable the growth of customers’ businesses while reducing the effect of overproduction on the planet.
Anastasija Oleinika, chief executive officer at Printify, says: “Our combined company will give our merchants more — more top-quality products, more places to sell, more innovative solutions, and more growth and profit.
“We’re also going to be able to provide best in class learning, talent density, and development opportunities for our teams. In recent years, the Latvian tech and entrepreneurial scene has caught up with our neighbours in the Baltics and Eastern Europe. This merger will not only help to crystallise that position but also give us the platform to be a destination for top talent from around Europe and the world.”
Alex Saltonstall, chief executive officer at Printful, adds: “This is an exciting moment for everyone. Printify is a business that we have long respected and I believe that there is a natural fit between the two companies.
“As our discussions progressed, we found that our cultures are very similar, while our businesses are even more complementary than we initially believed. I’m excited to see our two great technology companies combine strengths and provide our customers with ever improving opportunities to fulfil their business goals.”
Saltonstall was appointed as chief executive officer in October 2022 following a period of growth and expansion.
Also in 2022 Printful adopted Coloreel technology for its embroidery production. Since Coloreel has faced financial difficulties and relaunched in October 2024 as Coloreel International AB.
In 2023 Printful acquired Snow Commerce, an ecommerce solution provider for brands such as Paramount, Warner Bros. Discovery, and NBCUniversal.
At the time, Rick Simpson, chief executive officer of Snow Commerce, said: “Joining forces with Printful allows us to provide a fully integrated solution, with the highest quality on a global scale, tailored to each brand and operated by experts in every facet of commerce. This will lead to even more engaging experiences for fans and larger and stronger fandoms for our clients.”
Regarding the latest merger, Printful and Printify say the two brands will be maintained for the foreseeable future and existing sellers and customers can expect to see new offerings on both platforms soon.
