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Inditex Buys Stake in U.S. Sustainable Agriculture Startup Galy

MADRID, July 9 (Reuters) - Zara owner Inditex has bought a stake in the United States-based sustainable agriculture startup Galy as part of its strategy to plug money into the sustainable economy, its CEO, Oscar Garcia Maceiras, said on Tuesday.

"Today, we are disclosing that we have entered the capital of Galy, a startup founded in 2019 in the U.S., which is developing an innovative process to produce cotton in laboratories from plant cells," Garcia Maceiras told shareholders during the company's annual assembly.

He did not provide details on the size of Inditex's stake.

Reporting by Corina Pons and Inti Landauro; Editing by David Latona

Source: Reuters

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