MILAN — Salvatore Ferragamo has obtained the SI Rating Silver certificate, a sign of the Florence-based company’s focus on sustainability in several environmental, social and governance areas. Ferragamo is the first fashion company to obtain the SI Rating.
Created by the Italian start-up ARBalzan, SI Rating is the first algorithm to include on a single platform all the internationally recognized tools of the ESG criteria (Environmental, Social and Governance) and the 17 SDGs of the UN contained in the 2030 Agenda to evaluate an organization’s sustainability achievements. SI Rating is validated by the international certification body Rina. ARBalzan has collaborated with the SASB (Sustainability Accounting Standards Board).
The luxury house’s contribution to the 17 Goals of the UN was considered “remarkable,” stated Ferragamo on Monday. These include: 85 percent for goal three of good health and well-being; 88 percent for gender equality; 89 percent for dignity at work and economic growth; 80 percent for responsible consumption and production, and 94 percent for industry, innovation and infrastructure.
Ferragamo’s other relevant data achievements included: In terms of the environment,
Last month, Ferragamo signed a financing credit line granted by Intesa Sanpaolo SpA for a maximum amount of 250 million euros that is linked to the luxury brand hitting certain sustainability targets.
The credit facility is structured in a term loan credit line with a five-year maturity in 2025 and a revolving credit line with a maturity in 2024 and the possibility of renewal for a further year, each one for an amount of 125 million euros. It is associated with a rewarding mechanism linked to the achievement of specific sustainable indicators. The credit facility is granted to support the Florence-based company’s specific Environmental, Social and Governance targets and to finance general cash-flow needs, reducing risks from the current market situation.
Ferragamo is a signatory of the Fashion Pact and has been spearheading environmental initiatives.
In 2014, the fashion house created an in-house Green Team focused on the development of eco-friendly activities and in 2016 certified its group sustainability report. In addition, in 2017 the company launched a three-year Sustainability Plan, which included significant investments to reduce the impact of its manufacturing activities. In 2018, Ferragamo obtained certifications and also joined the United Nations’ Global Compact, a voluntary initiative based on chief executive officer commitments to implement universal sustainability principles and to take steps to support the UN goals.