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"The world&amp;#8217;s second largest fashion retailer, H&amp;amp;M, is offering an annual 1 million euro prize \u2014 about $1.15 million \u2014 to those who come up with new recycling techniques, Reuters reports.\nThe move is part of a larger effort by the retailer to reduce its impact on the environment, operate more ethically, and address raw material shortages.\nThe fast-fashion model that H&amp;amp;M follows, providing good quality products at inexpensive prices, encourages people to buy more clothes than they probably need, likely leading them to throw away a lot of what they&amp;#8217;ve purchased. Consumers are starting to become aware of the huge negative impact this has on the environment.\nKarl-Johan Persson, Chief Executive of H&amp;amp;M, told Reuters: &amp;#8220;No company, fast-fashion or not, can continue exactly like today. The (prize&amp;#8217;s) largest potential lies with finding new technology that means we can recycle the fibers with unchanged quality.&amp;#8221;\nExisting methods of recycling cotton produce low quality material.\nThe prize is funded by H&amp;amp;M and the Persson family, the retailer&amp;#8217;s main owners."^^<http://www.w3.org/2001/XMLSchema#string>
<http://fortune.com/2015/08/25/hm-prize-recycling-solutions-million-euros/>