Inditex Invested $4 Million In MIT For Sustainable Development In The Textile Industry.

Zara (SA LA)'s parent company, Spain's fast fashion giant Inditex, has invested $4 million in funding for Massachusetts Institute of Technology's Massachusetts Institute of Technology to support global sustainability research projects, and hopes to apply research results to business data analysis.

Inditex chairman and chief executive officer Pablo Isla and Rafael Reif, President of Massachusetts Institute of Technology jointly announced the cooperation, and signed a cooperation agreement for several years at Massachusetts Institute of Technology Cambridge campus.

Inditex said in a statement, "we have already carried out joint research projects focusing on logistics technology, sustainable development and operation engineering". This cooperation agreement has further consolidated the joint commitment of Inditex and Massachusetts Institute of Technology to innovation and education.

According to the agreement, the research funding will be applied to "new research areas related to data analysis, circular economy research, sustainability study, and textile materials recovery" and other related research.

Inditex will set up two data analysis scholarships at the MIT Sloan School of Management and the Department of materials science and engineering, Massachusetts Institute of Technology (MIT Department of Materials Science Sloan). Of the $4 million of research funding invested, $1 million will be devoted to data analysis. Inditex said that this is "pioneering measures for the application of advanced and sustainable technology in the circular economy and textile industry". Operations Research and Management Fellowship Fund of MIT Sloan School of management will also receive $1 million from the Inditex fund to support research and innovation in data analysis and textile industry standard prediction models.

Inditex will also work with Massachusetts Institute of Technology's MIT Institute for Data (Systems and Society) to further research in the field of artificial intelligence, automation learning and data science, and provide us $1 million 200 thousand in financial support.

Inditex will renew the Global Operations Master (Global). This is a scholarship from Inditex for students in the Department of Engineering (MIT School of Engineering) and Massachusetts Institute of Technology Sloan School of management.

The money will also be used to launch a new round of MIT-Spain Inditex Sustainability Seed fund, Massachusetts Institute of Technology - Spain Inditex, which aims to promote research initiatives among Massachusetts Institute of Technology teachers, students and peers from universities and research institutes in Spain. Inditex said the focus of the fund is "new textile recycling technology and the development of new fiber materials using sustainable technologies. The fund will receive $450 thousand in three years."

F LIX Poza, chief sustainability officer of Inditex group, said: "we are committed to fully implementing the best environmental initiatives in the entire life cycle of our products. Our cooperation with Massachusetts Institute of Technology is an important part of Inditex's commitment to environmental protection. Existing data show that our concern and investment in sustainable development are paying dividends. "

F e LIX Poza revealed that the company's "most environmentally friendly product line Join Life sales increased by more than 85% last year. We will continue to implement environmental protection solutions such as clean chemicals management in the supply chain".

This investment is part of Inditex's long-term goal of strengthening sustainable development and creating a recycling economy. Inditex pointed out: "the concept of sustainable development needs to be fully integrated into all stages of the product life cycle, including the whole supply chain, from design, procurement, manufacturing, quality control, logistics and sales to all aspects."

In addition to cooperating with Massachusetts Institute of Technology, Inditex has also established cooperative relations with research institutions such as the University of La Corua, Santiago University of University of La Coruna (University of Santiago de Compostela), and University of corpus a.