Prada has announced that they will now be even more sustainable by joining a new sustainability project. The brand has taken out a 50 million loan from Crédit Agricole Group, a French bank that supports companies in achieving sustainable objectives. This loan encourages Prada to make sustainable choices. Prada is the first company that signed this new kind of sustainability pact.
The duration of this loan is five years. When Prada achieves a sustainable project or an objective, it receives a lower interest rate on the loan. This happens, for example, when the stores receive a sustainability certification, employees are trained in sustainability and when Prada meets the targets for using Re-Nylon (a sustainable nylon replacement).
The fact that Prada has started this sustainability project does not come as a surprise. The fashion brand has been making its collections more sustainable for some time now. Earlier this year, the brand indicated that it no longer uses fur in its collections. Prada also signed the Fashion Pact, which states that they will protect the earth and combat climate change. Last month the fashion brand launched a Re-Nylon collection. This collection consisted of six bags made of Econyl.
Overall, Prada is well on their way to make the brand more sustainable. We think it won't take long before other fashion brands will follow.