The Spanish giant of fashion distribution signed an agreement with the Massachusetts Institute of Technology (MIT) to jointly develop technological research lines.
Inditex takes one step further towards technology. The Spanish giant of fashion distribution, number one in the world by revenue, has signed again a collaboration with the Massachusetts Institute of Technology (MIT) to jointly develop technological research lines.
Specifically, Inditex will invest four million dollars for the project with the aim of launching circular economy initiatives through the research on new technologies linked to sustainability, recycle of textile materials and development of investigation areas related to the analysis of data applied to business.
The collaboration between the fashion giant and the school considers renewing the annual scholarship program for students at MIT, in addition to the creation of two fellowships with MIT Sloan School of Management and the MIT Department of Materials Science and Engineering, linked to data analysis.
Inditex closed 2018 with a net profit of 3.44 billion euros, 2% more than in the previous fiscal year. The group sales reached 26.14 billion euros, up 3%. In the previous fiscal year, the group allocated 1.62 billion euros to technological innovations, both in stores and in the logistic platforms.