H&M, Remondis Launch JV For Textile Recycling

Shivani Kumaresan
1 min read
0
In this article:

  • 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

 

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

This article H&M, Remondis Launch JV For Textile Recycling originally appeared on Benzinga.com

.

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Advertisement

Recommended Stories