On 3rd December 2017, at H&M Shanghai head office, Vegea was invited to present Its technology to a group of investors, associations, fashion companies and journalists.
During the presentation, Gianpiero Tessitore, Owner of Vegea, gave an insight into how Vegea technology will be able to push the whole fashion industry towards a circular business model. “The transition toward a bioeconomy will rely on the advancement in technology of a range of processes, on the achievement of a breakthrough in terms of technical performances and cost effectiveness and will depend on the availability of sustainable biomass”, said Tessitore.
The core of the event were the opportunities offered by the Chinese Market and the importance of sustainable technologies development and industrial tranfers in the building of important partnerships with Chinese Industry.
The H&M Group´s 2030 strategy is to reach 100% sustainable materials. The Swedish fashion brand wants to foster innovation at every stage of the value chain to ensure a holistic approach to reach their 2030 goal and is looking into innovations like Vegea (winner of first prize of Global Change Award initiated by H&M Foundation) that are able to accelerate the shift from a linear fashion industry.
Today the H&M Foundation is founded by the Stefan Persson family, founders and main owners of H&M. Since 2013, the family has donated SEK 1.1 billion (USD 154 million, EUR 123 million).