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“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."
Alessandra Cozzani, Chief Financial Officer of Prada S.p.A.
Prada S.p.A. signed with Crédit Agricole Group the first Sustainability Linked Loan of the luxury goods industry.
This facility, a first in the industry, introduces a rewarding annual pricing adjustment based on the achievement of ambitious targets related to sustainability.
This new facility, named Sustainability Term Loan, is a EUR 50m five-years term loan which 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;
- the use of Prada Re-Nylon (regenerated nylon) for the production of goods.
In January 2020 Prada S.p.A. signs a new ESG loan with leading global Japanese bank Mizuho. The facility, a EUR 75m five-years term loan, monitors the achievement of the same specific targets of the previous one.
