Inditex Invests in Sustainable Innovation via Startup Galy
Innovation and sustainability were the central themes at Inditex’s recent shareholders’ meeting in Arteixo.
During the event, the textile giant announced a new partnership with the startup Galy, founded in 2019, specializing in the development of sustainable fibers manufactured in a laboratory environment. Among the major investors in Galy is Sam Altman, CEO of OpenAI, the company behind the development of ChatGPT.
Investments in Sustainable Startups
Inditex has been accelerating its investments in emerging companies that specialize in sustainable fibers and materials. The entry into Galy’s capital is the third such operation in the last two years. Back in 2022, the company confirmed its participation in Circ, a U.S.-based textile recycling company, with a funding round worth 30 million euros.
In addition, in March of this year, Inditex participated in a 40 million euro funding round for the Finnish company Infinited Fiber, which develops fibers made from used textiles. Inditex has committed to purchasing 100 million euros worth of these fibers from the startup.
These investments reflect Inditex’s commitment to innovation and sustainability, always seeking new ways to evolve and collaborate with other companies in the sector.
Details of the Partnership with Galy
Galy was founded in 2019 by Luciano Bueno, a former Deloitte consultant and venture capital investor in Brazil. The startup develops lab-grown fibers from cotton cells, an innovation that has attracted investors such as Sam Altman, CEO of OpenAI.
During the shareholders’ meeting, Inditex CEO Óscar García Maceiras highlighted the importance of innovation for the company’s evolution. He stated that collaboration with companies like Galy is essential for the sustainable future of Inditex. Although financial details of the transaction were not disclosed, the partnership with Galy reinforces Inditex’s strategy to invest in technologies that promote sustainability and innovation in the textile sector.
Commitment to Sustainability
Inditex President Marta Ortega emphasized the company’s commitment to sustainability and people’s well-being. She highlighted that Inditex is composed of over 160,000 people and that transparency and discretion are fundamental values of the company.
The Spanish company also announced the elimination of its executive committee, a body created in 1997 that had become inoperative in recent years. This decision was justified by technological advancements that allow continuous meetings of the board of directors.
Furthermore, Inditex reaffirmed its commitment to attractive shareholder remuneration, allocating 60% of consolidated profit for dividends and complementing it with an extraordinary dividend.
Economic and Social Impact
In 2023, Inditex’s fiscal contribution in Spain was approximately 4.5 billion euros, and the employment generated, including direct, indirect, and induced jobs, exceeded 155,000 in the domestic market.
CEO Óscar García Maceiras underscored that Spain remains a key point for Inditex’s activity, with its main logistical platforms located in the country. Over 90% of the planned investment for the logistical plan will occur in Spain, directly impacting job creation.
With an ordinary investment of 1.8 billion euros this year, Inditex ensures the necessary investments to maintain sustainable growth into the future. The company also plans to invest an additional 900 million euros to expand its logistical capabilities by 2025.
Créditos: publicai.com.br