When FINA, the world governing body of aquatic sports, banned swimmers from competing in full-body swimsuits, Speedo was hung out to dry. Left with a surplus of the LZR Racer suit that catapulted Michael Phelps to his record-smashing victory at the 2008 Beijing Olympics, the swimwear manufacturer sought the aid of another award-winner: From Somewhere, a British sustainable-fashion label that knows a thing or two about navigating textile waste.

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Announced on Friday at London Fashion Week’s Estethica showcase, the collaboration will include a limited-edition capsule collection, created from unsold and surplus Speedo stock, that is still in development. Designers Ursola de Castro and Filippo Ricci also unveiled an elegant cocktail-length bustle dress, composed entirely of LZR Racer suits, that will be auctioned off for charity.

The cocktail-length bustle dress, composed entirely of LZR Racer suits, will be auctioned off for charity.

“The Speedo LZR Racer suit has been a design icon in the sport of swimming since its launch in 2008,” says David Robinson, president of Speedo International. “During its time in the pool, swimmers wearing it have broken 91 world records and achieved outstanding results. The Speedo collaboration with From Somewhere now allows the LZR Racer to be a design icon outside of the pool.”

The complete From Somewhere With Speedo collection will be revealed in early 2011, with a portion of sales from the collection earmarked for charity.

+ From Somewhere With Speedo

[Via ShinyStyle]