Italy’s leading retail bank, Intesa Sanpaolo, is making strides in supporting the supply chain of luxury fashion house, Gucci. The bank has entered into a partnership with Gucci to enhance financial assistance for the small businesses that play a crucial role in providing materials for the renowned Florentine luxury brand, owned by the French conglomerate, Kering.
In the realm of luxury fashion, Italy stands out for its exceptional artisans in the leather, textile, and jewelry industries, serving prestigious brands worldwide. However, the COVID-19 pandemic has dealt a severe blow to the sales of these businesses, prompting Intesa Sanpaolo to step in with a commitment to extend financial support to Gucci’s suppliers. With a workforce of over 20,000 individuals, these suppliers will now have access to the same favorable financing terms as Gucci, enabling them to secure credit more efficiently and affordably.
Acknowledging the challenges faced by small businesses in times of economic uncertainty, Intesa Sanpaolo’s initiative aims to mitigate the credit risks associated with the current crisis. By offering more favorable borrowing conditions typically reserved for larger corporations, the bank is providing a lifeline to the suppliers of luxury brands like Gucci. Importantly, this agreement covers all loans granted under emergency liquidity schemes related to the COVID-19 crisis, emphasizing the bank’s support for businesses impacted by the pandemic.
Furthermore, Intesa Sanpaolo’s recent approval of a 6.3 billion euro state-guaranteed loan for Fiat Chrysler underscores its commitment to bolstering Italy’s economic recovery and supporting key industries like automotive. By taking proactive steps to support businesses during these challenging times, Intesa Sanpaolo is exemplifying corporate responsibility and solidarity, setting a commendable example for the banking sector.
To learn more about Intesa Sanpaolo’s initiatives, visit their official website here. For more information about Gucci and its supply chain support, visit their website here.
