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LVMH to Build New Workshop Making Louis Vuitton Bags in Italy 

A Louis Vuitton bag is seen in a shop in downtown Rome, Italy March 1, 2016. (Reuters)
A Louis Vuitton bag is seen in a shop in downtown Rome, Italy March 1, 2016. (Reuters)
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LVMH to Build New Workshop Making Louis Vuitton Bags in Italy 

A Louis Vuitton bag is seen in a shop in downtown Rome, Italy March 1, 2016. (Reuters)
A Louis Vuitton bag is seen in a shop in downtown Rome, Italy March 1, 2016. (Reuters)

LVMH, the world's largest luxury goods group, plans a new factory in Italy producing Louis Vuitton bags and other leather accessories, the Tuscany region said on Friday. 

The workshop will be the largest in Italy entirely dedicated to making these products for Louis Vuitton, said the region, which signed a Memorandum of Understanding (MoU) with LVMH. 

It will be located in the small town of Sieci and will be the third making Louis Vuitton goods in the Tuscany region. 

The MoU has a duration of three years and envisages that the total number of staff employed by LVMH in the region will rise to 450, from 270 at present.  

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Fashion

Zara Owner Inditex Launches Fund to Finance Textile Innovation

A woman carries a bag from Spanish multinational retail clothing chain Zara, the flagship brand of the Inditex clothing company, in the Gran Via of Bilbao, Spain, March 12, 2024. (Reuters)
A woman carries a bag from Spanish multinational retail clothing chain Zara, the flagship brand of the Inditex clothing company, in the Gran Via of Bilbao, Spain, March 12, 2024. (Reuters)
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Zara Owner Inditex Launches Fund to Finance Textile Innovation

A woman carries a bag from Spanish multinational retail clothing chain Zara, the flagship brand of the Inditex clothing company, in the Gran Via of Bilbao, Spain, March 12, 2024. (Reuters)
A woman carries a bag from Spanish multinational retail clothing chain Zara, the flagship brand of the Inditex clothing company, in the Gran Via of Bilbao, Spain, March 12, 2024. (Reuters)

Zara owner Inditex has launched a fund to invest around 50 million euros ($54.75 million) in innovation projects, mainly in the textile sector.
Spanish website El Confidencial on Friday reported Inditex's decision to invest in a new fund, which the company confirmed to Reuters.
The new fund, to be managed by the firm Mundi Ventures, aims to support the fashion giant's strategy of backing new start-ups to find new materials or technologies that have a lower impact on the environment.
Inditex, which has pledged to halve emissions in its entire supply chain by 2030, has invested in US firms such as Circ, which focuses on textile-to-textile recycling, and more recently in Galy, a US start-up developing a process to produce cotton in laboratories from plant cells.
Inditex has committed to making 25% of its garments from new fibers that do not yet exist on an industrial scale, and is investing heavily in their development.