H&M invests in ‘new unique’ recycling technology
H&M Group has also invested in new unique recycling technology, after partnering with Swedish company re:newcell whose unique technology recycles used cotton, viscose and other cellulosic fibers into a new, more sustainable dissolving pulp.
The pulp can be turned into new textile fibers and be fed into the textile production cycle.
H&M said the partnership is another step towards H&Ms goal to use 100 per cent recycled or other sustainably sourced material by 2030.
“Re:newcell´s technology has the potential to become a commercial and scalable solution for the industry and accelerate the journey from a linear fashion industry towards a circular one”, said Cecilia Brännsten, acting environmental sustainability manager and circular economy lead, at H&M group.
Earlier this month, the fast fashion giant reported a quarterly earnings drop after reduced footfall in stores and increased competition in the fashion sector.
Net profit for the three months to end-August, the third quarter of the retailer’s financial year, came in at 3.84 billion kronor ($470 million), a drop of 20 percent. Sales grew 4.6 percent to 51.23 billion kronor.
The fast fashion giant recently confirmed it will open its first Wellington store at Queensgate Shopping Centre in Lower Hutt on October 26.
Queensgate will be the site of H&M’s third store in New Zealand and span 2,700sqm over two levels.