June 11: Swedish fashion retail brand H&M Foundation has recently launched a virtual collection ‘designed to make the planet last’. The approach is a fundraising pitch for start-ups with the company saying that the Billion Dollar Collection presents 10 ‘innovative sustainable start-ups’ those could help change the face of the fashion industry.
This is one of the most interesting developments from H&M, the retail giant announced on Thursday. Showcased as garments in a virtual fashion collection, each start-up has a price tag “reflecting the estimated support each company believes they need to achieve scale for their disruptive innovations”.
The H&M Foundation has estimated that “billions of dollars are needed to change the fashion industry and the virtual Billion Dollar Collection’ highlights 10 previous Global Change Award winners with potential to create multi-dimensional value with the industry’s support”.
Diana Amini, Global Manager of the H&M Foundation, said the biggest hurdle for many innovators “to realise their ideas is funding and support to build scalable technology solutions. They also need collaboration partners like fashion brands and suppliers.
With this campaign we want to create awareness of the impact sustainable innovation can achieve if given the opportunity to grow. Together, we can create a shift in the fashion industry where sustainability and innovation are implemented as a default practice. The time is now”.
The 10 innovations selected come from across the globe and “encompass elements from materials to traceability. The collection- characterised by asymmetrical details, trinket-like finishing, non-standard colours and bold volumes- has been exclusively created in computer-generated imagery”.
The Foundation quoted, “If the fashion industry and its communities, embrace these 10 disruptive innovations, this collection could become reality and be produced at scale”.