MADRID (dpa-AFX) - Inditex SA (IDEXF.PK) said it entered into a deal to buy Finland-based Infinited Fiber Company's 30% of the annual future output volume of Infinna, for over 100 million euros. The commitment is for three years.
Infinna is a textile fiber that can be created from 100 percent textile waste.
With this agreement, Infinited Fiber plans to boost its recycling technology through its first large-capacity factory, which it expects to start operations in 2024, when Inditex is due to start buying Infinna.
Inditex said: 'With this new fiber, Inditex will be able to continue to minimize the use of virgin materials and advance the move towards a more circular model of clothing production.'
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