H&M Group, a global multibrand fashion conglomerate, agreed to acquire a 6.25% stake in Re:Newcell, a textile recycling company, from Girindus Investments, an investment firm, for $44m. "As a long standing partner and investor in Renewcell we're happy to continue supporting this game changing technology. Renewcell has taken a leadership position in the circular textile industry and we look forward to creating new and sustainable collections together in the coming years," Erik Karlsson, H&M Acting Head of CO:LAB.