Kering looks to boost sustainable start-ups in China with new award
Luxury giant Kering is looking to give sustainability in China a leg-up by creating a new award for start-ups “with the potential to bring a positive environmental and social impact to the apparel and textile industries.” It’s working alongside start-up accelerator Plug and Play to launch the Kering Sustainable Innovation Award, which will grant three recipients mentorship and networking trips to Europe and the US. The top winner will also receive a cash prize of 100,000 euros.
Kering’s share price has increased by 10% year to date
Source: Yahoo Finance
Kering’s chief sustainability officer and head of institutional affairs, Marie-Claire Daveu, said in a statement: “Kering is excited to extend our Plug and Play collaboration to China where we recognize that the entrepreneurial and innovative spirit of Chinese start-ups offer endless solutions to fashion’s sustainability challenges. Innovation and smart problem-solving are critical to reinvent luxury’s business model as sustainable”.
Daveu will lead the selection process, which will occur between December 2018 and August 2019. But winners will be picked by a jury that includes some of fashion’s best and brightest. Those names include Jinqing Cai (Kering’s president of greater China), Burak Cakmak (Dean of Fashion at Parsons School of Design), Katrin Ley (managing director of Fashion for Good), and philanthropist Susan Rockefeller.
Peter Xu, executive director and CEO of Plug and Play, added: “We look forward to finding and investing in excellent start-ups in retail and use, new materials, energy efficiency, green supply chain and other areas.”
Dominion holds Kering in its Global Trends Luxury Fund.
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