Prada Group Won The First "Sustainable" Commercial Loan In The Luxury Industry For A Total Of 50 Million Euros For 5 Years.

In November 5th, Italy luxury group Prada S.p.A (Prada) announced that it had signed the first "sustainable" business loan agreement with the Cr DIT Agricole Corporate and Investment Bank, the investment bank of the Agricultural Credit Bank of France.

According to the agreement, the French orient bank will provide Prada group with a 5 year loan with a total value of 50 million euros. If Prada group can achieve the goal of sustainable development stipulated by the agreement, the French Oriental Bank will reduce the loan interest rate accordingly. Sustainable goals include:

Prada group of a certain number of Direct stores can get LEED (energy and environmental design pioneer) gold level green building certification or platinum certification.

Prada group completes the employee's sustainable training schedule stipulated in the agreement.

Prada group expands the use of recycled nylon materials in seasonal products.

Alessandra Cozzani, chief financial officer of Prada group, said: "this new loan form reflects the importance of sustainable development to Prada group. The brand of the group includes Prada, Miu Miu, Church 's and Car Shoe, and will further implement sustainable development measures in the future.

In June 24th of this year, Prada announced the launch of a Econyl regenerated nylon bag series with Aquafil. The series has 6 classic styles, including waist bag, shoulder bag, handbag, luggage bag and two knapsacks. The whole series is made of environmental protection materials, and the Prada classic triangle logo has been specially designed. Prada plans to complete the conversion of pure nylon to Econyl regenerated nylon before 2021.

　　 Alberto Bezzi, a senior banker of the Oriental Bank of Canada, said: "the luxury industry is beginning to pay more and more attention to sustainability. I am very pleased to be able to facilitate this cooperation and work together with Prada to promote the sustainable development of the industry."

The sustainable loan is a sustainable consultant, coordinator and capital agent from the French Oriental Bank of China, and the lender is Cr DIT Agricole Italia, the Agricultural Credit Bank of France.

In areas outside the luxury sector, sustainable lending is no longer a novelty. As consumers and industries attach importance to sustainable development, the total amount of sustainable loans in 2018 has risen from 5 billion US dollars in 2017 to US $40 billion. Earlier this year, the French Oriental Bank of Italy signed a five year, 1 billion 500 million dollar bond agreement with Enel, a Italy energy company. If Enel can raise the installed capacity of renewable energy to 55% or more before December 31, 2021, the coupon rate will be calculated at 2.650%.