Italian luxury fashion house Prada has recently made history, being the first luxury brand to sign a sustainability deal.
Obtaining a loan from French banking group Credit Agricole, the deal required sustainability-related conditions.
The 42.9 million euro loan requires conditions relating to Prada's physical stores. There must be a significant amount of stores that are certified either gold or platinum by the green-building rating system. Taking into account the buildings construction, management and the number of resources it consumes or waste it produces.
Additionally, the brand must increase its training hours for employees and has pledged to eliminate the use of virgin nylon by 2021. Instead, Prada will be moving to Econyl, a recyclable yarn made from upcycled plastic waste. The eco-friendly move is of paramount importance to the brand, given the long-standing success of its non-biodegradable nylon made Tessuto bags.
Prada's chief financial officer Alessandra Cozzani said the sustainability deal is a positive step into the future for the brand.
“This transaction demonstrates that sustainability is a key element for the development of the Prada Group, increasingly integrated into our strategy.”