H&M creates €1 recycling grants
The ultimate aim for H&M seems sustainability and the brand is all out on focusing on their motive. The brand has about thousand stores around the world and has been raking in immense profit every year. The brand is not just adding a hundred new stores to its fleet of global stores, but also doing something in the line of sustenance according to the environmental norms.
The brand has been in news for making clothes made of recycled material and fabrics and therefore trying to impact the environment around us. The clothes made out of the recycled fabrics are cheaper and the brand has been successful in churning out such clothes.
Recently H&M has come up with another plan. It has created Global Change Award whereby asking applicants to send in their ideas with regards to recycling of clothes. The winning idea will be given a grant of €1 million. The deadline for sending in ideas is till the end of the month of October and the winners will get selected by the February month.
The jury who will choose these 5 winners comprises of CEOs and professors. Amber Valetta, model and actress along with Franca Sozzani, the editor-in-chief for Vogue Italia will also be among the jury members. After granting each winner €100,000, €500,000 will be awarded by the public to other ideas which gets voted the most through online voting.
The winners will also be supported with a one year accelerator training program which will help them gain enough knowledge to bring their ideas to fruition. H&M will not keep any intellectual property right over the ideas of the winners. The brand is trying to promote sustainability in clothes as recycle garments gives fabric a second life. The fashion brand is good in helping new ideas which are eco-friendly and is channelizing its wealth in this direction.