MILAN — Moncler has signed a financing credit line granted by Intesa Sanpaolo SpA for a maximum amount of 400 million euros and based on a rewarding mechanism linked to the achievement of environmental impact reduction targets.
“Thanks to this credit facility, Moncler consolidates its already solid liquidity position while further mitigating the risk profile deriving from the current situation,” stated the company on Friday after trading hours. chiefIn 2019, Moncler’s net profit rose 9 percent to 361.5 million euros on the back of a 15 percent growth in revenues to 1.62 billion euros and a cash pile of 662.6 million euros.
The committed credit line expires in 2023 and can be renewed for two additional years.
“At Moncler, we have long been committed to creating value for all stakeholders through the continuous integration of sustainability into our business model,” said chairman and chief executive officer Remo Ruffini at the time. “A lot has been done to date, but we know that we need to do much more in order to find solutions to the imminent social and environmental challenges facing humankind globally.”
The energy used throughout Moncler’s operations and stores in Italy comes from renewable sources and Moncler’s corporate headquarters, logistics center and production site have an ISO14001-certified environmental management system that provides continuous impact mitigation programs.
The company is committed to becoming carbon-neutral regarding its global direct emissions by 2021.
Moncler has been researching low-impact solutions, ranging from fabrics and accessories made with recycled materials to those of alternative origin, as well as focusing on the well-being of its employees, offering health programs and professional development initiatives dedicated to young talents as well as the possibility to volunteer during working days.
Moncler is also active in supporting initiatives that help disadvantaged populations, aiding for example around 25,000 children in difficult situations in some of the world’s coldest areas as part of the Warmly Moncler project for UNICEF in the past two years.
Moncler is one of more than 30 fashion and textile companies that signed The Fashion Pact, launched at the last G7 in Biarritz at the end of August last year.
The interest rate can be reduced following the achievement of targets related to: the number of stores assigned with a LEED Gold or Platinum Certification; the amount of training hours for the employees, and the use of Prada Re-Nylon (regenerated nylon) for the production of goods.
In February, VF Corp. formally revealed the close of its first green bond. The offering includes 500 million euros in financing for projects encompassing sustainable products and materials, sustainable operations and supply chains and “natural carbon sinks” for its brands: Timberland, Vans, The North Face and Dickies.
Prior to this feat, German retailer Otto Group, which owns Bonprix, Crate and Barrel and Manufactum, was the first known issuer in the “textile sector” of “sustainability bonds.”