The Swedish clothing group Hennes & Mauritz AB (H&M) and the recycling company Remondis SE & Co. KG, based in Lünen, Westphalia, announced the establishment of a joint venture on Wednesday. According to a press release, both partners each hold a half interest in Looper Textile Co.
The joint venture will therefore collect, sort and sell used and no longer needed textiles in the future in order to ensure the best possible use of these “valuable resources”. After this process, the garments should either be reused or recycled.
Looper Textile’s goal is to “become a preferred raw material supplier for companies and innovators involved in the resale and recycling of textiles,” according to a statement. The company wants to achieve “the highest usage rate of around 40 million items of clothing” before the end of this year.
“By building infrastructure and solutions for collection and sorting, we hope to move one step closer to the circular economy, thereby minimizing carbon footprint and improving resource efficiency,” said Looper Textile CEO Emily Bolon in one statements.