The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
H&M, the world’s second biggest fashion retailer, said on Wednesday it had formed a joint venture with German recycling group Remondis to collect, sort and sell used and unwanted garments and textiles.
The fast-fashion industry to which H&M belongs is looking for ways to curb its carbon footprint in response to growing demands from investors to take more responsibility for the environment.
The 50-50 owned venture, called Looper Textile, is starting its operations in Europe and aims to extend the life cycle of some 40 million garments in 2023, H&M said in a statement.
Looper hopes to become “a preferred feedstock provider to companies and innovators engaged in textile resale and recycling,” it added.
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The venture plans to test new collection schemes and implementing automated technologies, including “near-infrared sorting”, H&M said.
By Terje Solsvik; Editor: Essi Lehto
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