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Prada signs first sustainable financing loan

The more eco-friendly the maison becomes, the less interest it will pay

Prada signs first sustainable financing loan The more eco-friendly the maison becomes, the less interest it will pay

Prada made an historic move by becoming the first fashion company to sign a Sustainability Term Loan.  The company has obtained a five-year loan of fifty million euros from the Crédit Agricole Group with a rewarding mechanism that will change annual interest rates according to the achievement of sustainable objectives that the brand has set itself. This corresponds with the values expressed by the brand in its policy statement:

"Prada feels a responsibility to take on and promote virtuous behaviors from an environmental point of view, committing to realize examples of good practices within the industry."

Three objectives to achieve: certified sustainability for Prada stores, employee training dedicated to environmental issues and finally keeping to the promise (already made by the brand this June) to start using only Prada Re-Nylon, a type of nylon developed by the fashion house, starting from 2021. The LEED rating system, an acronym for Leadership in Energy and Environmental Design, will be used to verify the sustainability and ecological footprint of the brand's venues.

Alessandra Cozzani, Chief Financial Officer of the Prada Group, commented:

"This operation demonstrates how sustainability, which is increasingly integrated into our strategy, is a key element in the development of the Prada Group. We are confident that this collaboration with Crédit Agricole, one of the industry leaders, will help extend the benefits of responsible business management to the financial world as well."