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Prada signs sustainability-linked luxury goods sector loan

11
Nov '19
Pic: Shutterstock
Pic: Shutterstock
Italian brand Prada early this month signed the first sustainability-linked loan of the luxury goods industry with the Crédit Agricole Group. The new facility called ‘Sustainability Term Loan’, a first in the industry, introduces a rewarding annual pricing adjustment based on the achievement of ambitious targets related to sustainability.

The Crédit Agricole Corporate and Investment Bank will act as the sustainability coordinator and advisor as well as the facility agent while Crédit Agricole Italia acted as lender.

This new facility is a €50-million five-years term loan whose interest rate can be reduced following the achievement of targets related to the number of stores assigned of a LEED Gold or Platinum Certification, the amount of training hours for the employees, and the use of Prada Re-Nylon (regenerated nylon) for the production of goods.

"This transaction demonstrates that sustainability is a key element for the development of the Prada Group, increasingly integrated into our strategy. We are confident that this collaboration with Crédit Agricole, a leader in its sector, will help to extend the benefits of a responsible business to the financial world," said Alessandra Cozzani, chief financial officer of Prada, in a statement.

“The luxury sector is being increasingly committed in developing a sustainable business. I am very proud of this collaboration, which confirms Prada’s ongoing efforts for engaging in and cultivating virtuous behaviors that contribute to its sustainable growth,” Alberto Bezzi senior banker at the bank, said.

Fibre2Fashion News Desk (DS)


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