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Prada Takes Out a Loan to Support Sustainability (WWD)
Crédit Agricole Group will give Prada €50 million ($55,366,500 USD) over five years through a Sustainability Term Loan, a first for the luxury goods industry. The deal includes an annual pricing adjustment based on the brand’s sustainability targets. Prada’s interest rates can be reduced if they reach their goals in getting a certain number of their stores to have LEED Gold or Platinum Certification, and depending on the hours of training they provide to employees. It also includes how much Re-Nylon — made from recycled materials like ocean plastics — is used in production. In June, Prada pledged to have all of their nylons be made from recycled materials by 2021.
“This transaction demonstrates that sustainability is a key element for the development of the Prada Group, increasingly integrated into our strategy,” said Alessandra Cozzani, Prada’s CFO. “We are confident that this collaboration with Crédit Agricole, a leader in its sector, will help to extend the benefits of a responsible business to the financial world.”
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Christopher John Rogers Wins the 2019 CFDA/Vogue Fashion Fund
Last night, the CFDA and Vogue celebrated its 16th annual Fashion Fund with a gala dinner and show at Cipriani South Street. Christopher John Rogers was awarded the top prize of $400,000. Meanwhile, Reese Cooper and Danielle Hirsch of Danielle Frankel were named runners-up, each receiving $150,000. All three winners will also receive a business mentor based on their specific needs, with whom they will meet regularly.
A number of past Fashion Fund winners and competitors were in attendance, including Alexander Wang, Jack McCollough and Lazaro Hernandez of Proenza Schouler, and last year’s winner, Kerby Jean-Raymond of Pyer Moss. Bella Hadid, Gigi Hadid, and Tan France were also there to show support.
“With this year’s Fashion Fund finalists, we’ve seen not only great design and talent, but a wonderful commitment to progressive and inclusive values,” said Anna Wintour. “Fashion should never be divorced from the values of the world and this year’s designers have taken that to heart.”
Acne and Mulberry Team Up on a Surprise Collab
It seems to be the month for unexpected partnerships! Today, Acne Studios and Mulberry announced a joint collection of bags and small leather goods. “This is a collection about friendship and our freedom as brands to do what we want to do. It is like a conversation between Acne Studios and Mulberry, one that is founded in mutual respect and a desire to make great product,” said Jonny Johansson, creative director of Acne. “There is pure Swedishness and Englishness to the collection that I think twists the look in an interesting way.” The collection is available now at select Acne Studios and Mulberry stores around the world.
How Emma Watson Ensured Her Latest Cover Only Featured Eco-Friendly Fashion (British Vogue)
Emma Watson covers the December issue of British Vogue, and made sure that all of the fashion she wears in the story is eco-friendly. She and the editors used the fashion evaluation app Good On You to rate the environmental impact of all the brands featured. “It was so great to see the commitment from the team at British Vogue to make the Good On You process work,” says Sandra Capponi, the app’s co-founder. “Some of the brands we already had information on, and it was a process of double-checking this was absolutely up to date. For others, we gathered information, evaluated, verified and produced an overall rating.”
Moroccanoil Prepares for Charity Event to Benefit the HALO Foundation
On Thursday from 11:30 AM to 1:30 PM, Moroccanoil is hosting their Inspired by Women panel at Gramercy Terrace. The event will benefit the HALO Foundation, which seeks to nurture and uplift homeless children living without families of their own. Panelists include filmmaker and actor Bryce Dallas Howard, Moroccanoil co-founder Carmen Tal, Veronica Beard co-founders Veronica M. Beard and Veronica S. Beard, and HALO founder Rebecca Walsh. Tickets are $150 each and can be purchased by email (chelseatapken@haloworldwide.