Aswat Asharq Al-Awsat :

Aswat Asharq Al-Awsat : Swedish Textile Recycler Syre Raises $100 Million

Representation photo: Garment employees work in a sewing section of the Fakhruddin Textile Mills Limited in Gazipur, Bangladesh, February 7, 2021. Picture taken February 7, 2021. REUTERS/Mohammad Ponir Hossain
Representation photo: Garment employees work in a sewing section of the Fakhruddin Textile Mills Limited in Gazipur, Bangladesh, February 7, 2021. Picture taken February 7, 2021. REUTERS/Mohammad Ponir Hossain
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Swedish Textile Recycler Syre Raises $100 Million

Representation photo: Garment employees work in a sewing section of the Fakhruddin Textile Mills Limited in Gazipur, Bangladesh, February 7, 2021. Picture taken February 7, 2021. REUTERS/Mohammad Ponir Hossain
Representation photo: Garment employees work in a sewing section of the Fakhruddin Textile Mills Limited in Gazipur, Bangladesh, February 7, 2021. Picture taken February 7, 2021. REUTERS/Mohammad Ponir Hossain

Textile recycling firm Syre said on Thursday it had raised $100 million to fund the building of its first plant in the United States and preparations for two more, the construction of which will start in 2025.
The funding round was led by founding investor TPG Rise Climate, with investments also from fashion retailer H&M , IMAS Foundation, Volvo Cars and others, Syre said, not specifying how much each had invested, Reuters said.
The Swedish venture said in a statement its US polyester recycling plant would be up and running this year and it had short-listed Vietnam and either Spain or Portugal as sites for two further plants.
"Both regions are strategically positioned within the textile supply chain and have a long history of a vibrant textile industry, with access to know-how, feedstock and logistics, as well as green energy," the company said.
Syre plans to produce more than 3 million metric tons of polyester - enough for two tee-shirts for every person on Earth - in 2032 by recycling used garments.
Around 5.8 million tonnes of textile products are discarded every year in the European Union, equivalent to 11 kg (24 lb) per person.
A truckload of textile products is land-filled or incinerated somewhere in the world every second, according to EU figures.



Aswat Asharq Al-Awsat : Burberry Axes CEO and Dividend, Warns on Profit

A person walks past a Burberry store undergoing refurbishment on New Bond Street in London, Britain, March 11, 2023. REUTERS/Henry Nicholls
A person walks past a Burberry store undergoing refurbishment on New Bond Street in London, Britain, March 11, 2023. REUTERS/Henry Nicholls
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Burberry Axes CEO and Dividend, Warns on Profit

A person walks past a Burberry store undergoing refurbishment on New Bond Street in London, Britain, March 11, 2023. REUTERS/Henry Nicholls
A person walks past a Burberry store undergoing refurbishment on New Bond Street in London, Britain, March 11, 2023. REUTERS/Henry Nicholls

British luxury group Burberry named former Michael Kors boss Joshua Schulman as its new chief executive on Monday, axing Jonathan Akeroyd after two years as it warned on profit and scrapped its dividend.
A slow down in the luxury sector has hit Burberry harder than rival brands, derailing the 168 year-old British name at a time when it had been trying to move upmarket, and triggering the latest change at the top of the company, Reuters said.
For the 13 weeks to June 29, underlying sales slumped 21% as the company said weakness in its market deepened. It warned that on current trends it would miss forecasts for annual profit and it would scrap this year's dividend to invest in growth.
Burberry has been in turnaround mode for sometime, and under a number of different bosses. Designer Riccardo Tisci exited in 2022 after less than five years. Akeroyd's predecessor left after four years.
"This is a kitchen sink exercise par excellence, and underscores the enormity of the challenge facing Burberry in a world where Chinese sales can no longer be taken for granted," Chris Beauchamp, chief market analyst at online trading platform IG said.
Schulman was CEO of US brand Michael Kors from 2021-2022 and before that brand president at Coach.
While some higher end luxury brands like Hermes and Prada have proved to be more resilient, Burberry has struggled.
Shoppers in the United States and Europe have grown more cautious as the cost of living has risen, while appetite in China has been deflated by a property crisis and record youth unemployment.
Burberry said on Monday it would switch its offer back to be "more familiar" to its "core customers", with a marketing campaign for outerwear to launch in October. Its last collection departed from its classic camel, red and black check print in favor of bold colors.
It said it expected to see an improvement in its second half, and would also find cost savings.
Shares in Burberry have lost 57% of their value over the last 12 months, underpeforming Britain's bluechip index which is up 13%.