When we speak with clients around the development of technology, conversations have traditionally focussed on ownership of that technology. But in an area as imperative and potentially impactful as sustainable fashion, open sourcing may be the only way to drive change fast enough. The process by which technology is shared is important and often complex, but we've seen tech sharing happen with electric vehicle technology and artificial intelligence, and it's no surprise to see it happening in sustainable fashion tech too.
So it's great to see apparently viable technology being developed and shared that could effect real positive change in the fast fashion industry. And, whilst the sharing of technology solutions doesn't provide an instant competitive advantage or profits via royalties, long term it may well drive greater brand loyalty and profits, with customers increasingly looking for better sustainability action from brands and valuing leaders in this area.
Equally important, the reclaimed polyester is economically viable, something that will be crucial to the adoption of the technology, which Bang says H&M Foundation will license for free to other companies to use and build upon.