At its Annual General Meeting held in Arteixo, Pablo Isla, Executive Chairman, Inditex, announced the retailers’ plans to target net zero carbon emissions by 2040. It also aims to increase use of sustainable or recycled cotton by 2023, reports Indian Textile Magazine.
Isla highlighted the group will spend €2.7 billion in transformation to a more digital and sustainable business model. Of this, €1 billion will be invested in digitalization and €1.7 billion will be invested in incorporating the latest technology across the Group stores, with the opening of as many as 450 major flagships planned for the period. In parallel with these investments, the different brands will deepen the digital integration of stores and online, adding new and innovative digital services such as the Store Mode.
In 2020, the Group’s apps and websites received over 5.3 billion visits and the eight brands’ various social media handles amassed 200 million followers. Inditex’s executive chairman noted the sharp acceleration in the transformation strategy and associated investments will allow the full development of the Group’s proprietary technology platform, known as the Inditex Open Platform (IOP). The IOP – the keystone of Inditex’s strategy – constitutes a hybrid, cloud-based digital replica of every phase of Inditex’s business model; it encompasses the entire product life cycle and enables constant interaction, feedback and fine-tuning.
The Group will also continue to make progress on existing sustainability commitments, such as the elimination of plastic. By 2023 it plans to eliminate all single-use plastics from customer interfaces. All materials the Group uses in operations (cardboard, plastic, paper will also be completely recycled by 2023. In fabrics, by 2023 all garments made of cellulosic fibers will be 100 per cent sustainable and by 2025 all polyester and linen will be 100 per cent recycled or sustainable, in line with the parameters the company has set out. The Group will continue to champion innovative research in textile recyclability over the coming years, working with partners from across the supply chain, as well as with prestigious research centres such as the Massachusetts Institute of Technology (MIT). The Group will also forge ahead with all the programs encompassed by its ‘Worker at the Centre’ strategy, designed to respect and promote social conditions in the supply chain.
