REUTERS/Arriana McLymore/File Photo Acquire Licensing RightsMADRID/LONDON, Oct 25 (Reuters) - Zara owner Inditex (ITX.MC), the world's biggest clothing retailer, has agreed to buy recycled polyester from U.S. start-up Ambercycle, the companies said on Wednesday.
As fast-fashion retailers face pressure to reduce waste and use recycled fabrics, Inditex is spending more than 70 million euros ($74 million) to secure supply of Ambercycle's recycled polyester made from textile waste.
Under the offtake deal, Inditex will buy a "significant" portion of Ambercycle's production of recycled polyester, which is sold under the brand cycora, over three years.
Textile-to-textile polyester recycling is in its infancy, though, and will take time to reach the scale required by global fashion brands.
The Ambercycle deal marks the latest in a series of investments made by Inditex into textile recycling start-ups.
Persons:
Arriana, Inditex, Zara Athleticz, Javier Losada, Corina Pons, Helen Reid, Cynthia Osterman, David Holmes
Organizations:
REUTERS, Infinited, Thomson
Locations:
Zara's Soho, New York City, U.S, MADRID, LONDON, Zara, Los Angeles, Circ, Spain