Latest news with #Syre
Yahoo
25-06-2025
- Business
- Yahoo
Syre names Gap, Houdini, Target as launch partners
Syre's launch partners Gap, Houdini and Target will be responsible for introducing the company's circular polyester to the wider market and advancing its implementation. The company, which was introduced in March last year by global investor Vargas and Swedish retailer H&M Group, builds textile-to-textile plants that manufacture circular polyester. It says this process could potentially lower CO2e emissions by up to 85% compared to traditional oil-based polyester manufacturing. Syre has revealed plans for its inaugural plant in North Carolina, which is set to commence operations in 2026 with an annual production capacity of 10,000 metric tons (mt) of circular polyester. US apparel retailer Gap Inc. intends to incorporate 10,000mt of Syre's recycled polyester annually into its brands such as Old Navy, Gap, Banana Republic, and Athleta. This move aligns with the company's strategy to integrate sustainable materials into its product offerings. Gap global sustainability vice president Dan Fibiger said: 'We're proud to be among the first to support Syre's innovative textile solutions. This partnership enables us to accelerate our progress toward realising a more circular fashion industry.' Outdoor clothing company Houdini Sportswear plans to source half of its polyester from Syre's circular polyester for three years, making it the primary material for its products. The brand is on a mission to achieve a circular and zero-waste ecosystem by 2030. Houdini co-founder and chief creative officer Eva Karlsson said: 'In partnership with Syre's ambition, we are closing in on that vision.' US retailer Target will use Syre's textile-to-textile recycled polyester on selected owned brand products. The company, which operates nearly 2,000 stores, wants all of its own brand products to be designed for a circular future by 2040. Syre CEO Dennis Nobelius said: 'We are thrilled to announce our partnerships with these esteemed and forward-thinking brands, representing different segments and sizes. They are truly front runners, understanding the need to secure capacity of a scarce resource to be. As we embark on the next phase of scaling at speed, we're confident that these collaborations will not only bolster commercial success but also help redefine the industry and drive the urgent shift towards true circularity.' Some recent market research conducted by Syre and McKinsey suggests an expected annual supply-demand gap of 10-12m tons for textile-to-textile recycled polyester by 2030. It says the demands for circular materials is set to rise with increasing commitments from brands for circularity and upcoming regulations. In May last year (2024), Syre secured a $100m Series A funding round for the construction of a blueprint plant in the US and its first two gigascale textile-to-textile recycling plants in Vietnam and Iberia. This April, the company signed a memorandum of understanding (MoU) with the province's authorities of Binh Dinh, Vietnam, for the development of its first gigascale recycling facility. "Syre names Gap, Houdini, Target as launch partners" was originally created and published by Just Style, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Fashion Network
24-06-2025
- Business
- Fashion Network
H&M-backed Syre to supply recycled polyester to Gap and Target
Gap aims to use 10,000 tons of Syre's polyester chips annually, while Target will incorporate recycled polyester into a selection of the company's products, Syre said in a statement. "We will co-develop circular polyester together and it will lead to a commercial agreement over time," Syre CEO Dennis Nobelius told Reuters. He did not disclose the potential monetary value of any agreement or a timeframe. Syre produces a polyester chip, later spun into thread by its partner companies. "This partnership enables us to accelerate our progress toward realizing a more circular fashion industry," Gap's vice president of global sustainability Dan Fibiger said in the joint statement. Last year, Syre raised $100 million in a funding round to build a prototype factory in the U.S. state of North Carolina and prepare for two more plants, including one in Vietnam. The U.S. factory is expected to have a capacity of up to 10,000 tons of recycled polyester annually and become operational during 2026, while Syre aims to start construction on the Vietnam plant in 2027 to produce between 150,000 and 250,000 tons of polyester, Nobelius said. Sweden-based sportswear company Houdini has also committed to source 50% of its polyester from Syre for a three-year period, Syre said.
Fashion Network
24-06-2025
- Business
- Fashion Network
H&M-backed Syre to supply recycled polyester to Gap and Target
Gap aims to use 10,000 tons of Syre's polyester chips annually, while Target will incorporate recycled polyester into a selection of the company's products, Syre said in a statement. "We will co-develop circular polyester together and it will lead to a commercial agreement over time," Syre CEO Dennis Nobelius told Reuters. He did not disclose the potential monetary value of any agreement or a timeframe. Syre produces a polyester chip, later spun into thread by its partner companies. "This partnership enables us to accelerate our progress toward realizing a more circular fashion industry," Gap's vice president of global sustainability Dan Fibiger said in the joint statement. Last year, Syre raised $100 million in a funding round to build a prototype factory in the U.S. state of North Carolina and prepare for two more plants, including one in Vietnam. The U.S. factory is expected to have a capacity of up to 10,000 tons of recycled polyester annually and become operational during 2026, while Syre aims to start construction on the Vietnam plant in 2027 to produce between 150,000 and 250,000 tons of polyester, Nobelius said. Sweden-based sportswear company Houdini has also committed to source 50% of its polyester from Syre for a three-year period, Syre said.
Fashion Network
24-06-2025
- Business
- Fashion Network
H&M-backed Syre to supply recycled polyester to Gap and Target
H&M -backed textile recycling firm Syre will provide recycled polyester to U.S. retailers Gap and Target, it said on Tuesday, as demand for sustainable fashion grows. Several startups are developing technologies to recycle discarded clothes into new textiles amid increasing consumer demand, and with retailers keen to burnish their sustainability credentials and meet tougher regulations. Syre, which was co-founded by fast-fashion retailer H&M and investment group Vargas, plans to produce more than 3 million metric tons of polyester in 2032 by recycling used garments. It entered a long-term agreement with H&M last year worth a total of $600 million over seven years. Gap aims to use 10,000 tons of Syre's polyester chips annually, while Target will incorporate recycled polyester into a selection of the company's products, Syre said in a statement. "We will co-develop circular polyester together and it will lead to a commercial agreement over time," Syre CEO Dennis Nobelius told Reuters. He did not disclose the potential monetary value of any agreement or a timeframe. Syre produces a polyester chip, later spun into thread by its partner companies. "This partnership enables us to accelerate our progress toward realizing a more circular fashion industry," Gap's vice president of global sustainability Dan Fibiger said in the joint statement. Last year, Syre raised $100 million in a funding round to build a prototype factory in the U.S. state of North Carolina and prepare for two more plants, including one in Vietnam. The U.S. factory is expected to have a capacity of up to 10,000 tons of recycled polyester annually and become operational during 2026, while Syre aims to start construction on the Vietnam plant in 2027 to produce between 150,000 and 250,000 tons of polyester, Nobelius said. Sweden-based sportswear company Houdini has also committed to source 50% of its polyester from Syre for a three-year period, Syre said.
Fashion Network
24-06-2025
- Business
- Fashion Network
H&M-backed Syre to supply recycled polyester to Gap and Target
H&M -backed textile recycling firm Syre will provide recycled polyester to U.S. retailers Gap and Target, it said on Tuesday, as demand for sustainable fashion grows. Several startups are developing technologies to recycle discarded clothes into new textiles amid increasing consumer demand, and with retailers keen to burnish their sustainability credentials and meet tougher regulations. Syre, which was co-founded by fast-fashion retailer H&M and investment group Vargas, plans to produce more than 3 million metric tons of polyester in 2032 by recycling used garments. It entered a long-term agreement with H&M last year worth a total of $600 million over seven years. Gap aims to use 10,000 tons of Syre's polyester chips annually, while Target will incorporate recycled polyester into a selection of the company's products, Syre said in a statement. "We will co-develop circular polyester together and it will lead to a commercial agreement over time," Syre CEO Dennis Nobelius told Reuters. He did not disclose the potential monetary value of any agreement or a timeframe. Syre produces a polyester chip, later spun into thread by its partner companies. "This partnership enables us to accelerate our progress toward realizing a more circular fashion industry," Gap's vice president of global sustainability Dan Fibiger said in the joint statement. Last year, Syre raised $100 million in a funding round to build a prototype factory in the U.S. state of North Carolina and prepare for two more plants, including one in Vietnam. The U.S. factory is expected to have a capacity of up to 10,000 tons of recycled polyester annually and become operational during 2026, while Syre aims to start construction on the Vietnam plant in 2027 to produce between 150,000 and 250,000 tons of polyester, Nobelius said. Sweden-based sportswear company Houdini has also committed to source 50% of its polyester from Syre for a three-year period, Syre said.
