H&M has pledged to invest $600 million in recycled polyester over the next seven years to support the textile-to-textile recycling initiative called Syre, initiated by Swedish retailer Vargas Holding and backed by TPG Rise Climate. Syre aims to revolutionize the textile industry by implementing textile-to-textile recycling at a large scale, starting with polyester, with the goal of reducing polyester emissions by up to 85 percent. The project will establish multiple production plants, beginning with a factory in North Carolina, to produce circular polyester.

Dennis Nobelius, CEO of Syre, expressed the vision of creating a world where every textile fiber is recycled and put to use repeatedly, driving the transition from a linear to a circular value chain. Through Syre, H&M Group aims to lead a meaningful shift in the industry by moving away from virgin polyester and conventional bottle-to-textile recycling (rPET) polyester. The $600 million offtake agreement with Syre covers a significant portion of H&M Group's long-term need for recycled polyester.

Daniel Ervér, CEO of H&M Group, emphasized the importance of integrating circularity across their business and inspiring other industry players to join in closing the loop for a more sustainable future.

Susanna Campbell, Chair of the Board and Co-founder of Syre, highlighted the project's role in enabling the industry to meet ambitious sustainability targets for polyester-intensive sectors such as apparel, automotive, and home interior.