Salvatore Ferragamo Signs Sustainability- Linked Credit Agreement
MILAN — Salvatore Ferragamo SpA has 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.
Intesa Sanpaolo also acted as global coordinator, bookrunner and sustainability coordinator through the IMI Corporate & Investment Banking Division.
The credit facility is structured in a term loan credit line with a fiveyear maturity in 2025 and a revolving credit line with a maturity in 2024 and 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. It also helps consolidate Ferragamo’s solid liquidity position and emphasizes the company’s commitment to sustainable investments.
Ferragamo is a signatory of the
Fashion Pact and has been spearheading environmental initiatives.
Last year the company staged an exhibition dedicated to sustainability at the Salvatore Ferragamo Museum in Florence called “Sustainable Thinking,” exploring the theme by tracing a path that connected the namesake founder’s pioneering use of eco-friendly materials — from uppers in raffia to soles in galalith — with today’s most innovative developments.
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
The Italian fashion group’s credit line with Intesa Sanpaolo SpA is for a maximum amount of
250 million euros.