H&M Foundation supports The Fashion ReModel to accelerate the uptake of circular business models for fashion
In a significant move to accelerate the adoption of circular business models in the fashion industry, the H&M Foundation has announced its philanthropic support for The Fashion ReModel, a groundbreaking demonstration project led by the Fashion Initiative. This partnership, which will last three years, aims to make circularity the norm in fashion, helping brands decouple revenue from production and embrace more sustainable practices.
Announced in May 2024 at the Global Fashion Summit in Copenhagen, The Fashion ReModel brings together leading brands to identify solutions and overcome barriers to scaling circular business models. These models—such as rental, resale, repair, and remaking—represent a transformative opportunity for the industry, enabling companies to generate revenue without producing new garments. By 2030, circular business models are projected to be worth an estimated USD 700 billion.
The Fashion ReModel is not just a project but a call to action for the industry. It focuses on pushing the boundaries of what’s possible, making the economics of circularity viable, and sharing insights to inspire broader industry, policymakers, and investor action.
This partnership underscores the growing momentum behind circular fashion, as brands and stakeholders recognize the need for systemic change. By supporting The Fashion ReModel, the H&M Foundation is not only investing in innovative solutions but also championing a future where fashion thrives in harmony with the planet. As the industry continues to evolve, initiatives like The Fashion ReModel are paving the way for a more sustainable, circular, and resilient fashion ecosystem—one where creativity and responsibility go hand in hand.
