Polyester recycler Syre signs with three global fashion giants: 'Not just symbolic deals'

Last year, Syre raised more than €100m in fresh funding, attracting investors including climate-focused mega fund TPG Rise Climate. Now, the company has sealed commercial partnerships with American retail giant Gap Inc, sustainable outdoor brand Houdini, and big-box powerhouse Target.

The deals are designed to secure Syre’s launch into the global market, with each partner pledging to help scale the circular polyester tech at an industrial level.

"It’s incredibly exciting to go public with three such strong partners at once," CEO Dennis Nobelius tells Impact Loop. "These aren’t just symbolic deals – these are real commercial collaborations. They’re opening up their supply chains and committing to using our circular polyester."

Early access, early advantage

The draw for the partners? Early access to Syre’s recycled polyester at scale – something few players globally can offer.

"There’s a pricing advantage, sure," says Nobelius. "But the real win is securing capacity. This is about future-proofing supply chains with a material that’s scalable and sustainable."

Are these formal offtake agreements?

"Not quite yet," he says. "We don’t have economic contracts in place with these three just yet, but you’re right – we’re currently refining those offtake terms."

He adds that a fourth partner is close to signing – a smaller-volume but high-profile brand that remains under wraps for now.

Source 50 percent of its polyester

Syre’s first plant is under construction in North Carolina, set to go live in 2026 with an annual output of up to 10,000 tonnes of circular polyester. A second, larger facility is being scoped in Vietnam, with location decisions expected soon.

Gap Inc – the largest clothing specialty retailer in the US – plans to integrate 10,000 tonnes of Syre’s recycled polyester chips annually into its product lines.

"We’re proud to be among the first to support Syre’s innovative textile solutions. This partnership enables us to accelerate our progress toward realizing a more circular fashion industry," said Dan Fibiger, Vice President of Global Sustainability at Gap Inc, in a press statement.

Meanwhile, Houdini – the Swedish performance wear label – has pledged to source 50 percent of its polyester from Syre over the next three years.

"With nature as our blueprint, we envision a circular, waste-free flow of resources and a business model built for regeneration," said co-founder and creative director Eva Karlsson.

Retail behemoth Target, which operates nearly 2,000 stores across the US, has committed to designing all its own-brand products for a circular future by 2040. Its partnership with Syre is a key step in sourcing recycled materials for its private-label offering.