Swedish textile impact company Syre has entered a partnership with the U.S. retailers Gap and Target to meet the growing sustainable clothing demand.
With this partnership, This company will offer recycled polyester and polyester chips to the two retailing brands. As per the statement by Syre, Gap will be using 10,000 polyester chips per year. This polyester chip is produced by Syre to be spun into a thread by the partner companies.
The statement also mentioned that Syre will be supplying the recycled polyester to Target, which the brand will use in some of its selected products.
Speaking about the collaboration, Dennis Nobelius, CEO of Syre, told Reuters that they will co-develop circular polyester together with Gap and Target, and he also mentioned that Syre is also aiming at securing a commercial agreement over a period of time. However, Nobelius did not disclose the information regarding the monetary value of the agreement.
Following the goal of recycling more than 3 million tonnes of recycled polyester by 2032, the H&M-backed Syre, raised $100 million last year, to create a blueprint factory in North Carolina (a state in the USA). With the U.S. factory built to have a capacity of making more than 10,000 tonnes of recycled polyester, Nobelius also revealed that the company aims at starting construction on the Vietnam plant in 2027. The Vietnam plant, he said, will be built to deliver polyester between 150,000 to 250,000 tonnes.
The other companies who have entered into a partnership with Syre, also includes a Swedish sportswear company Houdini. As per the three-year partnership agreement, Houdini is committed to sourcing 50 per cent of its polyester from the textile impact company, Syre said in a statement.
