MILAN — Renzo Rosso is providing C.A.S.H. to a group of Italian small and medium-sized companies. On Wednesday, Rosso, head of OTB SpA, which controls firms including Staff International and Diesel, presented a new initiative called C.A.S.H., which stands for Credito Agevolato [facilitated credit] — Suppliers Help. The Italian entrepreneur has signed an agreement with Ifitalia, of BNP Paribas Group, that allows Staff International suppliers easier and speedier access to credit, for a total value of 50 million euros, or $66 million at current exchange, at interest rates in line with those provided to OTB.
“This is a fantastic project. It’s close to my heart, as it concretely helps to finance Made in Italy production,” said Rosso during a press conference held at the headquarters of the Italian Chamber of Fashion, which he’s recently been more involved in. “There’s so much talking around this concept, but not much is actually done. Small and medium-sized companies often don’t have contractual power with banks, and they have to pay interest rates up to 18 percent, while through us they will pay between 2 and 5 percent,” he explained. RELATED STORY: Renzo Rosso Weighs In on Italy, Fresh Design Talent >>
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"