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The Italian fashion Group has signed what is being described as the first business loan in the luxury goods sector that links the annual interest rate to a company’s sustainability efforts.
Prada has signed a five-year loan worth €50 million with French Credit Agricole Group, whose interest rates are lowered based on “achievement of ambitious targets related to sustainability”, which include the number of stores that meet defined standards for “green” buildings, education workshops for employees and the use of regenerated nylon in collections; the latter is in line with the label’s adoption of recycled nylon made from plastic recovered from oceans in its signature nylon bags as part of a project called ‘Prada Re-Nylon’.
Alessandra Cozzani, Chief Financial Officer, Prada Group, said the new loan structure “demonstrates how sustainability is a key element for the development of the Prada Group” and that it is increasingly integrated into the label’s strategy”. The Prada Group owns the Prada brand, Miu Miu, Church's and Car Shoe.
On November 8, the fashion Group will present ‘Shaping a Sustainable Future Society’ in New York, marking the third edition of a series of conferences dedicated to stimulate a debate on the most significant changes taking place in contemporary society. This year’s event will explore the meaning of social sustainability seeking to define what this truly means. The speakers will reflect on the responsibility of business and institutions to foster an environment that encourages freedom, equality and justice.
Sources: Vogue/660 City News