NEWS Desk Global
ZARA OWNER INDITEX LAUNCHES FUND TO FINANCE TEXTILE INNOVATION
Zara owner Inditex has launched a fund to invest around 50 million euros ($54.75 million) in innovation projects, mainly in the textile sector. The new fund, to be managed by the firm Mundi Ventures, aims to support the fashion giant's strategy of backing new start-ups to find new materials or technologies that have a lower impact on the environment.
Inditex, which has pledged to halve emissions in its entire supply chain by 2030, has invested in U.S. firms such as Circ, which focuses on textile-to-textile recycling, and more recently in Galy, a U.S. start-up developing a process to produce cotton in laboratories from plant cells.
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