H&M Forms Recycled-Polyester Venture With Northvolt Founders

Clothing giant Hennes & Mauritz AB is forming a joint venture to deal with the carbon emissions from fast fashion’s use of polyester.

The venture, called Syre, is set to cover more than half of H&M’s long-term need of recycled polyester, the company said in a statement Wednesday. Partnering in the project are Vargas Holding AB, an investor behind battery maker Northvolt AB, and asset manager TPG.