The Italian luxury brand, Prada, has secured a €90 million loan from UniCredit, an Italian organization, as part of its ongoing efforts to prioritize environmental goals. This marks the fashion house’s third eco-responsible loan, with previous loans obtained from Credit Agricole in November 2019 and Mizuho Bank earlier this year.
The purpose of this loan is to further accelerate Prada’s transition to sustainable practices. The previous loans were used to improve the sustainability of Prada’s buildings and boutiques, promote the use of recycled nylon in its collections, and provide sustainable solution training for its teams. These initiatives reflect Prada’s response to the increasing demand and expectations from consumers regarding corporate social responsibility (CSR) in the luxury industry.
With the latest loan, Prada intends to strengthen its commitment to sustainability by investing in green energy and waste management. Similar to the previous loans, the interest rates will be reduced based on the achievement of specific objectives. The primary objective of this loan is to fund the installation of photovoltaic equipment in Prada’s workshops, particularly at its Levanella logistics site in Tuscany. The brand also plans to equip several offices with these energy systems, aiming to achieve energy self-sufficiency by 2025.
Furthermore, Prada aims to tackle the waste generated from its textile and leather production processes. The brand has pledged to provide these by-products to third parties for integration into new production cycles, promoting recycling and waste valorization.
Alessandra Cozzani, the Chief Financial Officer of Prada S.p.A., emphasizes that sustainability has become a universally recognized and shared value, extending even to the finance sector. She describes it as a significant driving force for Prada and businesses in general to set and achieve robust eco-responsible economic goals.
Through these loans, Prada’s ongoing commitment to sustainability demonstrates its dedication to meeting the expectations of environmentally conscious consumers and contributing to a more sustainable luxury industry. By implementing green energy solutions and waste management practices, Prada is taking significant strides towards a more responsible and sustainable future.
To learn more about Prada’s sustainability efforts, visit their website and read their sustainability report: https://www.pradagroup.com/en/sustainability.html.
For more information on UniCredit and their commitment to sustainability, visit their website: https://www.unicreditgroup.eu/en/responsibility/sustainable-finance.html.
