Mango has decided to give a helping hand to Recovo, a start-up which resells textile waste, through Mango Start-Up Studio, its own accelerator for fashion start-ups.
Sustainability is also at the top of the agenda for the Spanish fashion chain, right next to innovations. It is therefore a logical consequence for also making use of start-ups for a knowledge transfer. The Recovo re-commerce platform for textile, yarn and textile production waste, founded in 2021 by Mónica Rodríguez, Marta Iglesias and Gonzalo Sáenz, is supported by Mango through a so-called convertible equity loan. Nothing is known about the amount that the fast fashion chain is investing in this project, though.
The reasons for choosing Recovo, as explained by the giant fashion brand, are that the young company has created a business model that "contributes to a circular future through technology, traceability and collaborative action."
Recovo will go through an Accelerator Program, where young companies will learn firsthand about Mango's work and receive support and guidance. In Recovo's case, this means in concrete terms that the start-up will be trained to buy and sell textiles, and will receive support in setting up its product range, its own marketplace and its own logo.
The framework for this is the Mango Start-up Studio. An accelerator for fashion start-ups launched by the Spanish company in April 2022. It is intended to promote innovation at the chain store, open up new growth opportunities and give it the chance to co-develop new technologies and business models. To achieve this goal, Mango is looking for development-stage companies and ideas that add value to the fashion industry value chain and improve the customer experience. The group then also provides them with seed capital.
The Accelerator focuses on the entire value chain, from procurement to product development to sales. However, the core areas of the project are sustainability and technology.
Mango has around 2,500 stores in 110 markets. In Germany, there are 318 doors including 58 own stores. In 2021, it generated sales of €2.2 billion, with profits of €67 million.
This article was published on 27 October 2022 by Textilwirtschaft.de