Prada Just Took a $90M Loan To Make It More 'Sustainable'
Prada S.p.A has announced a new "sustainability-linked" $90m loan from UniCredit Banking Group, a financial services company based in Italy. It is the third such loan of its kind to be obtained by the Prada group for its sustainability initiatives.
As reported on WWD, the loan is connected to the brand's key performance indicators, notably "the regeneration and reconversion of production waste." The repayments on the loan are subject to a "bonus mechanism" that will reduce interest if Prada can meet certain unspecified targets pertaining to "environmental sustainability," to be verified by a third party.
Prada’s chief financial officer Alessandra Cozzani says “for us and for all companies, this results in an important stimulus to achieve increasingly ambitious goals toward a sustainable economy."
Other expectations from the loan include a "transferring waste materials to third parties for their introduction into other production cycles," an increase in the "share of self-produced energy," and "staff training."
Highsnobiety has reached out to Prada for specific details regarding all the sustainability claims outlined above. Updates to follow.