Italian luxury fashion house Prada is the first of its kind to obtain a loan with sustainability-related conditions. The new £42.9 million GBP loan features interest rates that will be adjusted annually depending on Prada’s ability to meet predetermined social and environmental goals agreed upon by both parties.
The targets that have been set and agreed on include a certain amount of their stores to be certified either gold or platinum by the green-building rating system Leadership in Energy and Environmental Design. Prada will need to take a closer look at the construction of a building, the number of resources it consumes, its management, and the waste it produces.
Employees will also receive more hours of training, and they aim to reduce and phase out the use of virgin nylon by 2021. The shift will move towards the recyclable yarn made from upcycled plastic waste called Econyl.
This seems to be positive news, or as with many brands that haven’t been the most forward-thinking when it comes to the environment, it could just be a huge PR stunt to revitalise a luxury brand. Let’s hope not right?