-
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.
-
Price Action: HNNMY shares closed lower by 0.62% at $2.4150 on Tuesday.
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.
