H&M, the world’s second-largest fashion retailer, has announced that it has teamed up with German recycling giant Remondis to create a joint venture focused on the collection, sorting, and resale of second-hand clothing and textiles.
According to a statement released by H&M, the new company is called Looper Textile, with H&M and Remondis each owning a 50% stake. The company has already begun operations in Europe, with the goal of extending the lifespan of around 40 million garments by 2023, aiming “to become a preferred feedstock provider to companies and innov …
