July 15, 2024
Apparel, Fashion, Retail

Swedish Apparel Retailer H&M Moves Towards Textile Circularity

H&M Group and Vargas Holding launched Syre, a new initiative to manufacture textile-to-textile recycled polyester fibre.

Syre is also backed by TPG Rise Climate and aims to rapidly scale textile-to-textile recycling of polyester and contribute to a more sustainable textile industry.

H&M Group has signed an agreement with Syre to purchase US $600 million worth of recycled polyester fibre over seven years.

“This will cover a significant share of H&M’s long-term need for recycled polyester, which is currently primarily sourced from PET bottle recycling,” the Swedish apparel retailer said in a press release.

Through Syre, H&M aims to contribute to a meaningful shift in the industry by moving away from virgin polyester and the current industry standard bottle-to-textile recycling towards a closed loop alternative.

“The new venture Syre is an important next step on H&M Group’s journey to integrate circularity across our business.” H&M added.

Syre will aim to provide a recycled polyester yarn with equivalent quality to virgin polyester, but with a lower impact on the planet.

Syre is building a production plant in North Carolina, USA, with the intention of being operational during 2024 and the manufacturing process and technology will be scaled up for global expansion.

Within ten years, Syre aspires to have twelve plants up and running at full speed and capacity across the globe, producing more than three million metric tons of recycled polyester.

Vargas Holding specialises in building impact companies like Northvolt, Polarium, H2 Green Steel and Aira to realise ideas that push boundaries for a sustainable future.

While, TPG Rise Climate which has joined as a founding investor, is a dedicated climate investing strategy of global alternative asset manager TPG

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