The Remondis group, a service provider for recycling, water management and alternative fuels, and H&M have founded a new company, owned 50 percent each by the two partners. The new standalone venture Looper Textile Co. intends to collect, sort and sell used and unwanted garments and textiles. According to H&M, the reason for the new joint venture was the company’s intention to develop the infrastructure required for the circular economy and to complement existing external investments in the sector through its investment arm H&M Co:Lab, with direct action. Looper aims to test new garment collection systems and implement automated sorting technologies such as near-infrared sorting, which uses sensors above high-speed conveyor belts. It also seeks to develop a spectrum of partners in reuse and recycling.
The new company will be led by H&M group’s head of commercial, advisory and strategic partnerships, Emily Bolon, who has been appointed CEO of Looper Textile Co. Marc Schubert, COO of Looper Textile, said: ”We are convinced that the textile loop, due to its very high complexity, can only be closed with trusting, innovative and like-minded partners along the value chain and are pleased to have found the synergy between H&M Group and Remondis.”
