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PRADA SIGNS ECO-FRIENDLY DEAL

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After the successful Re-Nylon film series, Prada continues to reign supreme where sustainability is concerned with the announcement overnight that the brand has inked a $50 million five year term loan with Crédit Agricole Group. The deal ensures interest rates will be adjusted each year if sustainability targets are achieved, such as meeting targets for using Re-Nylon or employees meeting a set number of training or if a specific number of stores are assigned a LEED Platinum or Gold certification. ‚ÄúThis transaction demonstrates that sustainability is a key element for the development of the Prada Group, increasingly integrated into our strategy,‚Äù said Prada's chief financial officer, Alessandra Cozzani. Prada will continue to convert all virgin nylon to Re-Nylon by the end of 2021. Power to Prada.

www.prada.com