- Swedish clothing giant Hennes & Mauritz AB (OTC:HNNMY) has formed a joint venture with German recycling group Remondis called Looper Textile Co.
- The standalone joint venture is owned 50% by H&M Group and 50% by Remondis.
- Looper intends to collect, sort and sell used and unwanted garments and textiles and thereby extend the highest use of these valuable resources.
- Looper is starting its operations in Europe and aims to extend the highest use of approximately 40 million garments during 2023.
- “Today, less than 40% of used clothes are collected in the EU. Consequently, 60% of post-consumer textiles go directly to waste,” said Emily Bolon, CEO of Looper Textile Co.
- “By building infrastructure and solutions for collection and sorting, we hope to move one step closer toward enabling circularity, thereby minimizing the CO²-impact and improving resource efficiency.”
- H&M Group, through its investment arm H&M CO:LAB, has invested in companies that develop technologies to enable textile recycling.
- Also Read: Fashion Retailer H&M Clocks 10% Top-Line Growth In Q4; Notes Challenging External Factors
- Price Action: HNNMY shares closed lower by 0.62% at $2.4150 on Tuesday.
- Photo Via Company
