H&M offers $1 million for best idea to recycle clothing

The retail chain is launching an annual campaign as a way to enhance its corporate social responsibility efforts. 

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The world’s second largest fashion shop is looking to combat wastefulness by offering an annual €1 million prize for new and effective ideas on how to recycle clothes.

The company’s CEO, Karl-Johan Persson explained to Reuters the reason behind the effort:

“No company, fast-fashion or not, can continue exactly like today,” Persson said. “The (prize’s) largest potential lies with finding new technology that means we can recycle the fibers with unchanged quality.”

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