Fashion Investments and M&A

Date: June 2024
Buyer: H&M Group, TPG
Target: Syre
Business: Textile recycling
Value: $100million
Details: Syre, a Swedish textile recycling company, has received a $100million investment as part of a Series A funding round from H&M Group and TPG Rise Climate. Syre was founded by H&M in March 2024 with an initial $60million capital, as a means of producing recycled polyester (expanding to other materials in the future) as a means of combatting emissions within the fashion industry. Co-investors included Giant Ventures and Norssken VS, Volvo Cars and Imas Foundation. Syre intends to use the investment to construct its own recycling plant in the US later this year.