Mango decided to help Recovo, a startup that specializes in reselling textile scraps, through Mango Start-Up Studio, its own accelerator for fashion startups.
Sustainability is also at the top of the Spanish fashion chain’s agenda, right alongside innovation. It is therefore a logical consequence for leveraging startups to transfer knowledge. The Recovo re-commerce platform for textiles, yarns and textile manufacturing waste, founded in 2021 by Monica Rodríguez, Marta Iglesias and Gonzalo Sáenz, is backed by Mango through a convertible equity loan. However, there is no word yet on how much the fast fashion chain is investing in this project.
The reason for choosing Recovo, as explained by the fashion giant, is 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 first-hand about Mango’s work and receive support and guidance. In the case of Recovo, this means that the startup will receive training to buy and sell textiles and clothing, and will receive assistance in establishing its product range, niche market and logo. own.
The framework for this is Mango Start-up Studio. An accelerator program for fashion startups launched by the Spanish company in April 2022. It aims to drive innovation at the store chain, open up new development opportunities and let it the opportunity to co-develop new technologies and business models. To this end, Mango is looking for companies and ideas that are in the development stage to add value to the fashion industry value chain and improve the customer experience. Then the group also provided seed capital to them.
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 about 2,500 stores in 110 markets. In Germany, there are 318 stores, 58 of which are private. In 2021, it generates sales of 2.2 billion euros, with a profit of 67 million euros.
This article was published on October 27, 2022 by Textilwirtschaft.de
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