H&M, Remondis Launch JV For Textile Recycling - HENNES&MAURITZ B FREE SHS by Hennes & Mauritz AB (OTC:HMR

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.
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