Thu. Apr 25th, 2019

Inditex will invest 3.5 million in an agreement with MIT to investigate textile recycling and big data | Economy

Inditex will invest 3.5 million in an agreement with MIT to investigate textile recycling and big data | Economy



Inditex has signed an agreement with the prestigious Massachusetts Institute of Technology (MIT) whereby the Galician textile giant will finance two chairs at the Boston University to investigate new textile materials and their recycling and data analysis to improve the business. The owner of brands such as Zara or Massimo Dutti will contribute four million dollars (3.5 million euros) in several years, which also includes a scholarship program for MIT students.

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As reported by the company in a note, the agreement was signed on Tuesday at the headquarters of MIT in Cambridge (Massachusetts) between the president of Inditex, Pablo Isla, and that of the technological university, Rafael Reif. The agreement includes the creation of two chairs in the faculty, each one endowed with one million dollars (880,000 euros): one (Chair Inditex Materials Science and Engineering Fellowship Fund) dedicated to research in circular economy and "advanced sustainable techniques applied to the textile industry "and another (Chair Inditex Operations Research and Management Fellowship Fund) to investigate in" data analysis, prescriptive and predictive models, applied to the business "textile. In addition, Inditex will contribute 1.2 million dollars (1.06 million euros) to an MIT institute dedicated to data research, artificial intelligence and automated learning.

On the purely academic side, Inditex and MIT renew a scholarship program by which students from the US business school study the model of the company founded by Amancio Ortega at the firm's headquarters in Arteixo (A Coruña) . Likewise, the second edition of a 450,000-euro fund will be organized so that institutions or universities in Spain, in collaboration with MIT, design textile recycling projects and create new textile fibers. There will be five projects that are selected with this fund.

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