Sustainable clothing brands are beginning to sprout up from increasing consumer demands. Prada, known for its lavish and novel clothing, recently furthered its sustainability commitment. Like Adidas and other clothing brands, Prada hopes to not only bring attention to environmental issues but also find a way to fight against them. It turns out, companies are listening to their consumers, and these are the results.
Prada Becomes the First Luxury Brand to Sign Onto A Multi-Million-Dollar Sustainability Deal
Prada has taken out a $55 million loan with French banking group Crédit Agricole, which acts as a sort of check on Prada on its ability to commit to sustainable goods. Prada’s Chief Financial Officer, Alessandra Cozzani, said of the initiative:
“This transaction demonstrates that sustainability is a key element for the development of the Prada Group, increasingly integrated into our strategy.”
Indeed, Cozzani believes that becoming a sustainable clothing brand is imperative if it wants to adhere to its consumer’s demands. As part of this 5-year loan, Prada must complete two sustainability-related tasks.
Additionally, Crédit Agricole will adjust interest rates if Prada can meet their sustainability requirements.
Prada Follows the Path to Becoming a Sustainable Clothing Brand
First on the list of requirements is Prada’s ability to foster sustainable stores. A certain number of physical stores must be certified gold or platinum by LEED, Leadership in Energy and Environmental Design.
The purpose of this requirement is to take into account the construction of buildings put forth by Prada. To further analyze the company’s initiative to become a sustainable clothing brand, management and waste will be measured for each building.
The second requirement is that Prada reinforces its pledge to move away from using virgin nylon by 2021. Moreover, Prada also promises to go fur-free by 2020.
Hard to break down, nylon and other synthetic fibers make up for about 35% of the ocean pollution in the world. Additionally, Prada desires to join on on a circular economy with recyclable products like Adidas and Patagonia.
In fact, Prada has partnered with Aquafil to create nylon products out of recycled ocean plastics.
Consumer reports show that more people are becoming aware of the goods that they purchase. As a result, sustainable clothing brands are much more desired in today’s economy.
Above all, companies are listening to their buyers. Environmental activism continues to change the world in many different ways. Today, believing that all companies will one day pledge to a more sustainable business plan is not too far-fetched.