Shein, the Chinese ultra-fast fashion marketplace, plans to invest 250 million euros to support start-ups seeking to decarbonize the textile industry.
Ultra-fast fashion marketplace Shein wants to invest 250 million euros in the European Union and the United Kingdom over the next five years, through the creation of a fund dedicated to circularity, as well as operational and commercial investments aimed at strengthening the e-retailer’s initiatives in this area and supporting the local entrepreneurial ecosystem in Europe and the United Kingdom.
The Circularity Fund, to which Shein will provide an initial capitalisation of €200 million, is expected to build on Shein’s existing programmes to advance circularity R&D and innovation for the sector. It will be available to support start-ups and businesses across Europe and the UK to:‘investing in young companies developing innovation in recycled textile materials or in related fields. But will also be used to conclude purchase agreements or other commercial partnerships with more mature start-ups, with existing production capacity in recycled textile materials or preferred fibers. Shein will be the lead investor in the fund.
The remaining €50 million will be earmarked for initiatives to support brands, designers and artisans in the European Union and the United Kingdom. to develop their activities via the Shein marketplace.
Shein wants to project a greener image
The marketplace is taking advantage of this announcement to once again highlight its partnership with Queen of Raw, which, since May 2023, would allow it to source from fabric scraps or surplus fabrics from other brands. This initiative is part of the company’s CSR strategy announced in 2022, which wants to develop its model and its image. This includes programs ranging from responsible sourcing to decarbonization, resource efficiency, building circular systems and accelerating sustainable solutions.
Source: www.ecommercemag.fr
