Prada Group's commitment
Left, right and centre, brands are clambering to hop onboard the sustainability train, as people are increasingly demanding that their clothes are made in an ethical manner. But now Prada has made history as the first luxury brand to obtain a loan from French banking group Crédit Agricole with stringent sustainability-related conditions attached to it. The first condition of the £42.9 million loan relates to the brand's physical stores: there must be a certain amount of stores that are certified either gold or platinum by the green-building rating system. Secondly, Prada will have to increase its training hours for its employees, and lastly, the third goal reinforces the luxury brand’s pledge to reduce and phase out the use of virgin nylon by 2021, instead moving to Econyl, a recyclable yarn made from upcycled plastic waste. The Prada Group’s commitment to sustainability is rooted in three areas of focus - people, culture and the environment. They believe this is the only way forward for financial growth that also benefits the communities and areas where we operate.