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I’ve just been browsing some blazers online and spotted a 100% wool jacket priced where you normally would see wool/poly blends (under $300.) It’s labeled 100% New Wool. What is this exactly?

I've always looked for the words "Virgin Wool" with the wool registered, authorized wool symbol to avoid reprocessed wool. This is a new one and though the web says it is virgin wool, it may not be an official designation, nothing to indicate this.