Syre
Swedish textile innovation company Syre has announced a partnership with U.S. retail giants Gap and Target to support the rising demand for sustainable clothing.
Through this collaboration, Syre will provide recycled polyester and polyester chips to both brands. According to Syre, Gap plans to use 10,000 polyester chips annually, which will be spun into yarn by its manufacturing partners. Target will also receive recycled polyester from Syre, which the retailer will incorporate into select product lines.
Dennis Nobelius, CEO of Syre, told Reuters that the companies will jointly develop circular polyester solutions. He added that Syre is working towards a long-term commercial agreement with both brands, though he did not reveal the financial details.
Backed by H&M, Syre has set an ambitious goal to recycle over 3 million tonnes of polyester by 2032. The company raised $100 million last year to set up its first blueprint factory in North Carolina, which will have the capacity to produce over 10,000 tonnes of recycled polyester. Nobelius also shared that Syre aims to begin construction of a larger plant in Vietnam in 2027, which is expected to produce between 150,000 to 250,000 tonnes of polyester.
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