The world’s second biggest fashion retailer launched the Global Change Award, a new prize dedicated to innovative ideas and technologies for recycled fashion — the first of its kind worth €1 million — as a response to criticism about the damaging environmental impact of fast fashion retailers.

“No company, fast-fashion or not, can continue exactly like today. The largest potential lies with finding new technology that means we can recycle the fibers with unchanged quality,” said Karl-Johan Persson, the brand’s Chief Executive in an interview with The Guardian, adding that the Swedish company wanted to cut its environmental impact, while addressing ongoing environmental issues, such as the shortage of raw materials.



In this context, the H&M Conscious Foundation, together with an expert jury, will select five winners, who will share a grant of €1 million and get access to a so-called innovation accelerator — in addition, the global public will be invited to distribute half of the total grant through an online vote. The result will be revealed at a grand award ceremony in Stockholm, in February 2016. The innovation accelerator − a collaboration with Accenture and KTH Royal Institute of Technology in Stockholm − will give the five winners the support and knowledge they need to actualize their ideas, as well as the provision of a one-year training and coaching program with a particular focus on circular economy. 

More information on www.hm.com.

Ezio Barbaro © Modemonline