LONDON — Fashion’s finances are turning green but unlike a seasonal Pantone palette, the color — in all its earthy tones — is here to stay.
In the past nine months alone, Burberry and Chanel have issued sustainability bonds, raising 300 million pounds, and 600 million euros, respectively, while Moncler and Salvatore Ferragamo have both worked with Intensa Sanpaolo on the financing of credit lines worth 400 million euros and 250 million euros, respectively.
According to an article published by ESG auditors Sustainalytics, the global volume of sustainability-linked loans in 2020 was $120 billion for the year, compared with $49 billion in 2018. The 36th America’s Cup between Emirates team New Zealand and the Luna Rossa Prada Pirelli team. courtesy image Jane Walsh, chief executive officer of Seen Group, a London-based strategic consultancy that advises high-end beauty names such as Fenty and Charlotte Tilbury Beauty said “the need for a brand to be green today, and beyond green in the future, will become non-negotiable at all levels of the business funnel, starting with design.”
There are other dynamics impacting the luxury fashion companies, including commitments from the banks themselves, and the larger investment community.Francesca Diviccaro, chief of Industry Retail and Luxury, IMI Corporate and Investment Banking Division at Intesa Sanpaolo Group, said the bank is promoting these green loans and credit lines in order to be “responsible and generate collective value.
In its latest annual report, BlackRock noted that from January to November 2020, investors in mutual funds and exchange traded funds globally invested $288 billion in sustainable products, a 96 percent increase over the whole of 2019. The day Burberry’s bond was issued, Julie Brown, the company’s chief operating and chief financial officer, said the brand was “dedicated to driving social and environmental improvements.”
“We believe there is no future for a company if they don’t adopt an ESG strategy and program,” said Bargi, adding that “all stakeholders at every level, from shareholders and institutional investors to employees and clients,” are paying increasing attention to companies’ ESG performance.
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