Gucci and Intesa Sanpaolo are taking a green path. How? By extending the “Chain Development” program to social and environmental sustainability. Partner suppliers of Gucci will be able to access specific credit lines with an S-loan formula, based on their ESG indicators. A unique initiative in Italy, to which is added to the already existing “Chain Development” project, which has activated over 6 billion euro and involved 20,000 suppliers.
Gucci and Intesa Sanpaolo’s efforts
“We are proud to launch, with Intesa Sanpaolo, the first agreement, for the fashion chain, which will allow our ecosystem to take another step towards a more sustainable business model” – stated Marco Bizzarri, president and CEO of Gucci, to MFF –. The objectives included in the agreement focus on energy efficiency, green mobility and logistics, and even the production of energy from renewable sources. Moreover: upcycling projects will also be a part of it, to promote female employment, policies and welfare for gender equality. To finance these initiatives, Gucci’s suppliers will be able to ask Intesa San Paolo for specific credit lines.
The comment
“It’s an important step – adds Mr. Bizzarri (in photo) -. Because only together, public and private, large and small businesses, can we reach critical goals that benefit society and the country, in line with PNRR’s targets”, (National Economic Resilience Plan). This operation widens the scope of the “Chain Development” initiative, launched in 2015 to ease the access to credit of Italian businesses and small leather goods’ manufacturing enterprises, as well as those that make footwear, accessories, apparel and jewelry for Gucci. Over 150 suppliers benefitted from the program in 2020, as Intesa Sanpaolo provided 230 million euro in loans. The bank has given over 6 billion euro worth of credit to Gucci’s suppliers since 2015.
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