Inditex invests in sustainable cotton startup Galy with ChatGPT founder
The textile chain will control a minority stake in the US company, a pioneer in lab-grown cotton. It is the third sustainability-related investment, following Circ and Intinited Fiber.
“We have to identify any project with a focus on sustainability, logistics and technology that is relevant and allows us to transform,” he said a year ago. Oscar Garcia Maceirasin an interview with EXPANSIÓN. No sooner said than done.
CEO of Inditex reported at the company’s general meeting that the textile group entered the capital of Gali, launch pioneer in sustainable cotton cultivation in a laboratory in the USA.
Among alternating current
“We have to identify any project with a focus on sustainability, logistics and technology that is relevant and allows us to transform,” he said a year ago. Oscar Garcia Maceirasin an interview with EXPANSIÓN. No sooner said than done.
CEO of Inditex reported at the company’s general meeting that the textile group entered the capital of Gali, launch pioneer in sustainable cotton cultivation in a laboratory in the USA.
Among the shareholders of Galy, a company founded in 2019 in the USA Luciano Bueno, former director of Deloitte, and also, several famous businessmen appear operating in Brazil. One of them is Sam Altman, founder of OpenAIthe artificial intelligence technology company behind ChatGPT.
The acquisition of a stake in Galia follows a strategy outlined by the group in the past. This is its third entry into the company’s capital, following the cases of Circusspecializing in textile processing; and Infinite fiberwhich develops innovative and environmentally friendly fibres and with which it already has a purchase agreement. In addition, the group has signed purchase and sale agreements with Amber Cyclewhich produces recycled polyester from textile materials and has developed eco-friendly detergent in collaboration with Basf.
Garcia Maceiras also noted that Zara Used, Used clothing donation, repair and sale platform Zara is now live in 16 European countries and will arrive in the USA. by the end of the year.
“Our spirit is non-conformist. “We are proud of our heritage, we are demanding of the present and we are excited about the future,” Inditex CEO said.