H&M aims to initiate innovations with the Global Change Award

"The question for fashion is no longer 'What is the new black?' but rather 'What innovative ideas can close the loop?'", says Rebecca Earley, Professor in Sustainable TExtile and Fashion Design at the University of Arts London.

Eager to answer that question is apparel giant Hennes & Mauritz, who is using its non-profit global foundation, funded by the Stefan Persson family, 'H&M Conscious' to launch a new competition named 'Global Change Award.' The new initiative, which aims to encourage the industry to create new, green and sustainable ideas to protect the earth, is one the world's biggest challenges for early stage innovation, according to the Swedish company.

Second largest clothing retailer keen to invest in creating a closed loop for textiles

"Ground-breaking, game-changing ideas can come from anywhere, so the challenge is open to anyone. Each year the Global Change Award aims to find the truly brave and bold ideas that make change. I'm also eager to see how the fashion industry as a whole will embrace the challenge of closing the loop," commented Karl-Johan Persson, board member of the H&M Conscious Foundation and CEO of H&M.

The annual award scheme, which offers a grand prize of 1 million euros, will be shared by five winners that will be selected by a panel of experts including Eva Kruse, chief executive officer of the Danish Fashion Institute and Copenhagen Fashion Week; Ellis Rubinstein, president and ceo of The New York Academy of Sciences; editor in chief of Vogue Italia Franca Sozzani; and model Amber Valletta.

The competition is currently open to applicants, with the deadline set for October 31, 2015. The five winners will each receive a grant of 100,000 euros in addition to receiving support from the KTH Royal Institute of Technology in Stockholm and Accenture to turn their ideas into reality. The public will be invited to vote on the projects and ideas available and decide how to distribution the remaining half of the grant.

The winners of the Global Change Award will be announced during a ceremony in Stockholm February 10, 2015.