Prada Becomes First Luxury Brand to Sign Loan Tied With Sustainability Conditions

Interest rates will vary depending on Prada’s ability to meet predetermined goals.

By
Fashion
5,435 Hypes 3 Comments

Prada has just signed a new £42.9 million GBP loan (approximately $55 million USD) with French banking group Crédit Agricole, becoming the first luxury brand to obtain a loan with sustainability-related conditions. In particular, the interest rates of the loan will be adjusted annually depending on Prada’s ability to meet predetermined social and environmental goals agreed upon by both parties.

The current five-year loan focuses on three specific targets. The first relates to Prada’s physical stores: there must be a certain amount of stores that are certified either gold or platinum by the green-building rating system Leadership in Energy and Environmental Design, which takes into account the construction of a building, its management, and the number of resources it consumes or waste it produces. Secondly, Prada will have to increase its training hours for its employees. Finally, the third goal reinforces the luxury brand’s pledge to reduce and phase out the use of virgin nylon by 2021, instead moving to Econyl, a recyclable yarn made from upcycled plastic waste.

According to Prada’s Chief Financial Officer Alessandra Cozzani, “this transaction demonstrates that sustainability is a key element for the development of the Prada Group, increasingly integrated into our strategy.”

For more fashion news, Diamond Supply Co. is launching a 23-piece Keith Haring collection.

Read Full Article

What to Read Next

A$AP Rocky & SVMOSCOW Collide for Russian Tour Merchandise
Fashion

A$AP Rocky & SVMOSCOW Collide for Russian Tour Merchandise

Channel your inner “Babushka Boi.”

'The Batman' Director Confirms Andy Serkis as Alfred Pennyworth (UPDATE)
Entertainment

'The Batman' Director Confirms Andy Serkis as Alfred Pennyworth (UPDATE)

Joining the cast with Robert Pattinson & Zoë Kravitz.

Virgil Abloh Opens "Figures of Speech" Exhibition at Atlanta's High Museum of Art
Arts

Virgil Abloh Opens "Figures of Speech" Exhibition at Atlanta's High Museum of Art

Featuring new works and community works by Tremaine Emory, Brendan Fowler, and more.


Baby Keem Shares Dave Free-Directed Video for "Orange Soda"
Music

Baby Keem Shares Dave Free-Directed Video for "Orange Soda"

The fast-rising rapper is back with a new visual.

Denzel Curry Joins Glass Animals for New Single "Tokyo Drifting"
Music

Denzel Curry Joins Glass Animals for New Single "Tokyo Drifting"

A new entry in the “Fresh Fruit” series.

Artist Gogy Esparza Spotlights Unseen Supreme Photos, Paintings & More at Domicile Tokyo
Arts

Artist Gogy Esparza Spotlights Unseen Supreme Photos, Paintings & More at Domicile Tokyo

All part of a solo exhibition entitled “LEMME KISS IT WHERE IT HURTS.”

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Help us serve you better

We appreciate your support in allowing HYPEBEAST ads, where we can share contents from the latest fashion, to those culturally relevant. In adding HYPEBEAST to your ad blocker's whitelist, ads on our sites will show while you continue to browse.

Help Support Us

We need ads to keep the lights on and to continue providing free news to our readers. We’d appreciate your support by whitelisting HYPEBEAST on your ad blocker. That way you can keep reading all the great stories for free.

If you have already whitelisted us, simply refresh this page. To find out how to whitelist us, click the button below.

Back

Add Us to Whitelist

We appreciate your support in allowing HYPEBEAST ads. Most ad blockers have similar whitelisting steps and settings. If you need assistance, please contact us.

Adblock Plus

  1. Click on the red ABP icon in the upper right corner of your browser.
  2. Click “Enabled on this site” to disable ad blocking for the current site. In Firefox click “disable on HYPEBEAST”.
  3. Refresh the HYPEBEAST page that you were viewing.

Adblock

  1. Click the AdBlock hand icon.
  2. Click “Don’t run on pages on this domain”.
  3. A new “Don’t run AdBlock on…” dialog may be displayed in the middle of the screen.
  4. Move the “Site” slider to the right. After that, click “Exclude”.
  5. Refresh the HYPEBEAST page that you were viewing.

uBlock

  1. Click the uBlock icon.
  2. Click the large blue “power” button in the menu that appears to whitelist the current website.
  3. Reload the HYPEBEAST page that you were viewing.

Firefox Browser

Firefox Tracking Protection may activate our whitelist notice, which can be disabled temporarily for a browsing session by clicking the shield icon in the URL bar and following the instructions.

Disconnect

  1. Click the Disconnect icon.
  2. Click “Whitelist site”.
  3. Refresh the HYPEBEAST page that you were viewing.