Gap Inc., Target Corp. and Stockholm-based Houdini Sportswear have made commitments to reduce waste by partnering with Syre, a new company for “hyperscaling” textile-to-textile recycling.
Syre launched in March 2024 with a mission to help decarbonize and de-waste the textile industry through a process called depolymerization. The process involves breaking down textile waste into its chemical building blocks and then reassembling them into new, high-quality polyester.
Syre plans to establish textile-to-textile plants producing circular polyester, and reducing CO2e emissions by up to 85 percent compared to the production of oil-based virgin polyester. The company’s first ‘blueprint’ plant is being established in Cedar Creek, N.C. It is expected to be operational in 2026 and deliver volumes up to 10,000 metric tons of circular polyester annually. In Cedar Creek, Syre will build a plant adjoining an existing Selenis plant for the production of polyester resins for consumer goods, food packaging and other areas utilizing recycled content.
Syre also plans to operate a recycling plant in Vietnam in 2028. Syre raised a $100 million Series A funding round in May 2024, which was led by TPG Rise Climate, with participation from H&M Group, Giant Ventures, the IMAS Foundation, Norrsken VC, and Volvo Cars.
“The launch partners will play a critical role in bringing circular polyester to the broader market, accelerating adoption, and shaping the future of the textile industry,” Syre indicated in an announcement Tuesday morning.
Gap Inc., considered the largest specialty apparel retailer in America, plans to utilize 10,000 metric tons a year of Syre’s recycled polyester chip. “The collaboration marks a significant step in Gap Inc.’s commitment to integrate more sustainable materials across its portfolio of brands – Old Navy, Gap, Banana Republic, and Athleta, the retailer indicated.
Houdini, a technical outdoor brand based in Stockholm, Sweden, and active in circular innovation, indicated its partnership with Syre involves having a fully circular and waste free ecosystem in place by 2030, and for textile-to-textile recycled fibers to re-emerge as the company’s primary source of polyester. Houdini has committed to sourcing 50 percent of their polyester usage from Syre circular polyester for a period of three years.
Target’s goal calls for 100 percent of its owned brand products to be designed “for a circular future” by 2040. Target’s partnership with Syre involves incorporating textile-to-textile recycled polyester into a selection of the company’s owned brand products and will help the retailer achieve its goal.
Dennis Nobelius, Syre’s chief executive officer, said in a statement that Gap, Target and Houdini 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.”
Recent market research conducted by Syre and McKinsey cites an expected 10 to 12 million ton annual supply-demand gap for textile-to-textile recycled polyester by 2030. “Brands across textile-heavy industries have committed to bold circularity targets, and regulations will accelerate demand for circular materials, also phasing out the established solution for recycled polyester (bottle-to-fiber) which is not circular,” the study said.
Dan Fibiger, vice president of global sustainability at Gap Inc., said in a statement, that the partnership with Syre “enables us to accelerate our progress toward realizing a more circular fashion industry. Our ambition to utilize 10,000 metric tons per year of Syre’s recycled polyester chip is not only an innovation that we feel will resonate with our customer, but it is an important lever for Gap Inc. in our efforts to bridge the climate gap.”
Syre expects to partner with more retailers and brands going forward.