KOLON Industries' FnC division (hereinafter KOLON FnC) announced on the 22nd that it has signed a memorandum of understanding to establish a cooperative relationship with local partners in Ulaanbaatar, Mongolia.
The agreement aims to promote the Korea International Cooperation Agency (KOICA) public-private development cooperation 'IBS-ESG Initiative' project. The project aims to establish a circular fashion environment and realize a low-carbon development paradigm at the production and disposal stages of the fashion industry.
KOLON FnC formed a consortium with its subsidiary K.O.A last year to advance the project. It plans to carry out business activities in phases until 2028.
Yoo Dong-joo, the CEO of K.O.A and head of KOLON FnC's ESG Impact PU, noted, “We plan to build a sustainable cooperation system with local partners and promote mutual growth to realize circular fashion in the cashmere industry,” adding, “We will work closely with our partners to create a sustainable network that positively impacts both the region and the industry as a whole.”