H&M, the Swedish high-street fashion retailer, has gradually cemented its position as a staunch advocate of sustainable fashion in the recent years. In another statement move, Karl-Johan Persson, MD & CEO, H&M has gone on record saying, “I believe that for big companies, taking a wider perspective than just maximizing profits is the right thing to do.”
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The move towards sustainability is important for H&M, especially when it is expanding at full force, is of critical importance. However, Karl relentlessly believes that the stance will only reap returns in the long run. In an interview with a leading Singapore media publication, Karl shows firm belief in the business case for sustainability. “Our customers and our colleagues are caring more for the environment. So if we are responsible, that will boost the brand’s image while letting us recruit and retain the best talent,” Karl elaborates. In the interview, Karl admits to have taken after his grandfather’s style of running a business. “He often said, I want to sleep well at night. It is very important to run an ethical business and profits should not always be maximised. So that is why, with our sustainability efforts, we don’t just think about the next quarterly profit, but about the many years down the line,” Karl adds.
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Off late, the apparel retailer has actively championed the ‘Close the Loop’ supply chain model by collaborating with companies like I:CO and Worn Again to reuse old garments for manufacturing recycled fashion items. H&M successfully collected over 7,600 tonnes of used clothing worldwide. Last year, the company’s sales grew by 14 per cent. In the first nine months of this year, the figure jumped by another 12 per cent.
