February 2013: Nike’s FlyKnit technology, which uses single fibers knitted together instead of traditional fabrics, reduces waste by an average of 80% when compared to a typical Nike shoe. The technology is part of Nike’s move towards a “closed-loop” business model that reduces waste by reusing, recycling or composting all materials.
The innovative low carbon product helped Nike gain recognition as the most innovative company of 2013, following a year in which its profits grew by 57%.
“It’s not about saying to the emerging middle class in China ‘you don’t get to consume as much.’ It’s about a new definition of premium products, that are closed loop, using only materials that can be fully recycled.”
Hannah Jones, Nike (Source: B4E Summit)