Hyosung TNC has launched a business that recycles discarded clothes & fabrics to make new clothes. 

    □ Hyosung TNC and U.S.-based Ambercycle signed an MOU for recycled textile production 

Hyosung TNC announced on the 12th that it recently signed a memorandum of understanding (MOU) with Ambercycle, located in California, USA, on ‘recycled textile production for resource recirculation’.   

This MOU is a strategic partnership to maximize synergy effects between the two companies to penetrate the global eco-friendly market.

In the mid-2000s, Hyosung TNC developed regen, Korea's first polyester recycled textile made from discarded PET bottles and recycled nylon textile made from discarded fishing nets. Since then, it continued to lead the recycled textile and fashion market not only in S. Korea but also in the global market. 

Ambercycle boasts a distinct technology that recycles discarded clothing and fabrics and manufactures them into polyester raw materials. Recently, it has signed a strategic partnership with Inditex, the parent company of the global fashion brand ‘Zara’ in an effort to expand its base in the recycled textile market. 

□ Joint marketing with the launch of clothing using polyester recycled textile

With this MOU, the two companies plan to implement a joint marketing program that produces polyester textile using Ambercycle's recycled polyester raw materials and launch corresponding clothing products through collaboration with fashion companies.

Hyosung TNC expects that this MOU will not only kickstart the recycled textile market but also bolster its position as an industry leader in the eco-friendly textile market through true resource circulation from discarded clothing to recycled textile production. 

□ CEO Chi-hyung Kim, “No. 1 in propelling the global eco-friendly textile & fashion market.”  

CEO Chi-hyung Kim of Hyosung TNC said, “Hyosung TNC’s recycled textile called regen is an innovative product that has ushered in sustainability in the textile market in the environmental circulation field,” and added, “By strengthening regen’s innovation and brand power through cooperation with Ambercycle, we will emerge as the No. 1 global company at the forefront of the global eco-friendly textile and fashion market.” 

CEO Shay Sethi of Ambercycle said, “We will expand Ambercycle’s technology to meet the growing demand from our brand partners, and collaborate with Hyosung, which has been at the center of eco-friendly material production for many years in a push to expand into new markets globally, including Korea, a core leader in textile production.

Meanwhile, the current global eco-friendly textile and fashion market, including recycled textile, is worth about KRW 23 trillion with an annual growth rate of 12.5%, and is expected to grow to nearly KRW 75 trillion by 2030, including up-stream and downstream businesses.

Hyosung TNC plans to increase eco-friendly textile sales, which currently account for 4% of textile sales, by more than five times to 20% by 2030.