STOCKHOLM – Swedish fashion giant H&M is expanding into the textile sorting business through a new joint venture with recycling company Remondis in a bid to extend the life of around 40 million garments this year alone.
The new business, called Looper Textile Co, is a standalone joint venture owned 50 per cent each by H&M and Remondis which will collect, sort and sell used and unwanted garments and textiles.
Starting its operations in Europe, Looper Textile Co aims to become a preferred feedstock provider to companies and innovators engaged in textile resale and recycling.
