Italian luxury brand Gucci has joined forces with Intesa Sanpaolo, Italy’s leading bank, to support its suppliers in adopting more sustainable practices. This partnership aligns with the Italian government’s recovery plan post-Covid, which prioritizes environmental and social sustainability. Through this collaboration, Gucci’s suppliers will have easier access to bank credit provided by Intesa Sanpaolo, specifically aimed at achieving environmental, social, and corporate governance (ESG) goals. These goals encompass using renewable energy, reducing waste, and minimizing water consumption.
Gucci’s project is being hailed as a unique endeavor in Italy, although a similar initiative was launched by the Italian Fashion Chamber in 2017. The groundbreaking aspect of the partnership between Gucci and Intesa Sanpaolo lies in the extension of financing opportunities to the entire supply chain of the brand. Given Gucci’s size and influence, this move is expected to have a significant impact on Italy’s manufacturing system. Marco Bizzarri, CEO of Gucci, emphasizes the imperative of collaboration between the public and private sectors, as well as large companies and small and medium-sized enterprises (SMEs), in order to achieve societal and national recovery objectives.
Intesa Sanpaolo brings prior knowledge and experience in providing loan finance based on ESG criteria within the fashion and luxury sector. The bank has previously offered “green” loans to brands like Salvatore Ferragamo and Moncler. However, the partnership with Gucci represents a considerable expansion of this financing opportunity, encompassing the entire supply chain. This initiative builds upon the successful model established last year through Intesa Sanpaolo’s Supply Chain Development Program. Launched amid the height of the Covid-19 crisis, this program offered critical support to Gucci suppliers, benefiting over 150 Italian suppliers with €230 million in loans over the past year.
Ultimately, Gucci’s collaboration with Intesa Sanpaolo showcases its dedication to driving the fashion industry’s ecological transition. By facilitating access to financing and promoting sustainable practices among suppliers, Gucci aims to contribute to Italy’s recovery post-pandemic and foster a more inclusive and environmentally responsible supply chain. This partnership serves as an inspiring example for other brands and underscores the significance of collective efforts in achieving ambitious sustainability goals.
Useful links for further reading:
– Intesa Sanpaolo Website
– Gucci Website
