Green money: Prada contracts a loan for a more ethical fashion

24 November 2019 | Posted by Zackary

If fashion is often singled out for its superficiality, and its ability to look away with disconcerting ease, it can no longer escape the shadow of its environmental impact. Vivienne Westwood publicly supports Greta Thunberg. Burberry, Gucci and Ganni are following in Gabriela Hearst's footsteps by organizing carbon neutral shows (emissions are offset by investments in sustainable projects). While countless labels have chosen to abandon the work of fur and exotic leathers, Stella McCartney even goes as far as to ban all materials from animal exploitation.

Today, it is Prada's turn to make the headlines. For the first time in the history of fashion, a luxury house is taking out a loan at a variable rate, whose fluctuations will be determined by the brand's ecological commitment. In other words, the more the Italian company acts in favor of the planet, the less it will pay. Over a period of 5 years, it will have to complete three projects in particular: a fleet of stores that are entirely self-sufficient in terms of energy, training sessions for employees to improve working conditions, and an increase in the proportion of recycled textiles — especially nylon, its signature material.

It is very likely that this type of contract will develop in the coming years, and that several designers will jump at the opportunity to restore their image. In any case, if stimulating best practices with a financial benefit might not be the most moral approach, it is undoubtedly the most effective... •

Hugh Hefner's and Donatella Versace's love child, I am the visible half of the duo behind ZACKARIUM. Addicted to fashion and to Lucky Strike, my mission is to guide you smoothly through the jungle of brands and catwalks.

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