Retail Media Networks: Why Every Retailer Wants to Be the Next Google
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The Spanish retailer expects to fully transition to using zero-emission textile materials by 2030.
Inditex Group, the world’s largest fashion retailer by revenue, aims to halve harmful emissions by 2030 and reach zero by 2040. The Zara owner will use supply chain transformation, biodiversity support and circularity initiatives to achieve the targets.
The Spanish retailer expects to fully transition to using zero-emission textile materials by 2030. Inditex is expected to source up to 40% of its fibers from recycling processes, 25% from next-generation fibers, and 25% from organic or regenerative farming methods.
The company is also pursuing a ‘Workers at the Center’ strategy, directing investments towards the social and environmental transformation of the business. Inditex will strive to combat water pollution and discharges as part of its program to support the environment.
Another initiative will support projects to conserve, restore or regenerate biodiversity. For this purpose, a dedicated experimental space will be created on an area of up to 5 million hectares.
“The magic of Inditex lies with our team and values, heavily influenced by self-imposed high standards. The future is not predetermined and we must never forget that,” said Chairperson Marta Ortega Pérez.
The company's profit rose 54% to $1.2 million, beating analysts' expectations of $980 million.
The retailer will open new stores twice as often in Singapore, Malaysia, Indonesia and Hong Kong.
Inditex Group's revenue for the past year added 18% to €32.6 billion, up 15% from 2019 before the pandemic.
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