An investment in Recovo, a B2B marketplace that specialises in selling deadstock fabric that would otherwise be regarded as textile waste, has been made by the Spanish clothing firm Mango.
The action is appropriate because Mango wants to step up its sustainability efforts.
Recovo’s textile waste company will benefit from a convertible equity loan from Mango as part of the agreement. The concept includes an acceleration programme where business owners can obtain coaching and advice as well as firsthand knowledge of Mango’s operations.
The acceleration programme aims to encourage innovation inside Mango, identify fresh growth prospects, and take part in the creation of novel products or business models. The strategy also calls for collaboration, training, and mentorship sessions, which will help promote networking at the meetings with the entrepreneurs.
Recovo is a platform for recycling trash from the textile, yarn, and manufacturing industries. Businesses can reduce their environmental impact while giving textile surpluses a second chance through textile recovery. Recovo is a business model that encourages a circular economy by utilising technology, traceability, and community involvement.
The 2021 startup is currently a part of the Mango StartUp Studio acceleration programme, where business owners receive training on topics like buying and selling textiles in a major fashion company, product architecture and user experience for a customised experience, the development process and architecture of an own marketplace, as well as suggestions for developing a Recovo logo that will be recognised by the industry.
The goal of Mango’s Strategic Sustainability Plan is to completely eradicate emissions by 2050. To accomplish this, the corporation has established intermediate goals for 2030: a 35% reduction in greenhouse gas emissions from its direct emissions, supply chain, goods and services, fuel and energy, and transportation and distribution.
The corporation advanced its sustainability goals in February of last year after deciding to market 80% of all apparel in 2021 under the Committed label. Mango projects that by 2025, 100% of the polyester will be recycled, 100% of the cellulose fibres used will have a controlled origin and be able to be tracked, and 100% of the cotton used will be more sustainably produced.
Mango endorsed the United Nations Fashion Sector Charter for Climate Action in 2020, which lays out 16 guidelines for advancing cooperatively to minimise the environmental effect of the fashion industry. By joining the Fashion Pact in 2019, the first worldwide initiative in the fashion sector to band together and fight climate change, the company reiterated its dedication to sustainability.