Prada signs industry’s first major sustainability lo - leatherbiz: Lea Leatherbiz

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Prada signs industry’s first major sustainability loan

07/11/2019
Prada signs industry’s first major sustainability loan
Italian luxury fashion house Prada has signed a €50 million ($55.4 million), 5-year sustainability term loan with Crédit Agricole Group, the first of its kind in the industry. According to the agreement, interest rates can be lowered annually if agreed-upon sustainability targets are achieved. 

Objectives, as chosen by Crédit Agricole from a list provided by Prada, include getting a given number of stores LEED Gold or Platinum certified and having employees meet certain training hours goals.

Prada is also expected to meet targets for the use of its own own sustainable nylon substitute Re-Nylon, launched earlier this year. The product of a partnership between Prada and textile yarn producer Aquafil, ECONYL nylon is obtained through recycling and purifying plastic waste collected from oceans, fishing nets and textile fibre waste.

The targets, according to Vogue Business, will be measured against parameters that will evolve as Prada undertakes an increasing number of eco-friendly initiatives. 

Image: Prada


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