We’re delighted to announce that H&M Foundation will philanthropically support the Fashion Initiative's latest demonstration project, The Fashion ReModel.
Joining the Network as a Philanthropic Partner, H&M Foundation will support The Fashion ReModel over the next three years, helping to make circular business models the norm in the fashion industry.
Announced in May 2024 at the Global Fashion Summit in Copenhagen, The Fashion ReModel includes participation from leading brands to identify solutions and unlock barriers to scale circular business models and begin to decouple revenue from production.
Circular business models for fashion, such as rental, resale, repairrepairOperation by which a faulty or broken product or component is returned back to a usable state to fulfil its intended use., and remaking, represent a significant opportunity for new and better growth in the fashion industry — allowing companies to make revenue without making new clothes. By 2030, circular business models could be worth USD 700 billion.
“We must decouple revenue from the production of new garments and the use of natural resources. Embracing circular business models is essential—there’s simply no credible path to meeting global climate and biodiversity targets without transforming the way we do business." Christiane Dolva, Head of Innovation, Research & Demonstration at H&M Foundation
“We’re excited to have philanthropic support from H&M Foundation as we work to make circular business models the norm. We welcome business-led action to make this a reality. Our demonstration project, The Fashion ReModel is an opportunity for organisations to take further steps on their long-term circular economy journey." Jules Lennon - Fashion Lead, Ellen MacArthur Foundation
The Fashion ReModel is about direction — working at the edge of what is possible to help make the economics work for circular business models. SharingSharingThe use of a product by multiple users. It is a practice that retains the highest value of a product by extending its use period. learnings to inform and inspire action from the wider industry, policymakers, and investors.
About H&M Foundation
The H&M Foundation supports the textile industry’s journey to halve greenhouse gas emissions every decade by 2050, while promoting a just transition for both people and the planet. Funded by the Persson family, the H&M Foundation leverages its philanthropic strengths to drive transformative change, focusing on high-emission areas in the textile value chain. Learn more at hmfoundation.com
