You don’t tend to find the words ‘Prada’ and ‘sustainable’ in the same sentence. And with an environmental rating of ‘not good enough’ by Good on You, and equally disappointing ESG ratings from Bloomsberg, it’s clear why.
Fast forward to 2022, and the brand is getting serious about sustainability, thanks to Lorenzo Bertelli, Prada’s current head of corporate social responsibility and future CEO.
As reported in Business of Fashion, the brand has been awarded B minus by CDP, a non-profit group that measures businesses’ environmental impact. But Bertelli is determined Prada can reinvent itself as a more sustainable brand and become an A.
It’s certainly moving in the right direction. In November 2021, the company announced it would use more low-impact materials and reduce greenhouse gas emissions. And with the majority of its products made in Italy, its supply chain is more transparent and sustainable than other big fast fashion brands.
The company has also arranged three sustainability-linked loans, which offer the issuer a lower interest rate if certain sustainability targets are met. For Prada, those goals include creating more energy-efficient stores, using regenerated nylon (it currently sources around one million metres of recycled nylon a year), generating less waste and boosting self-produced energy.
Bertelli knows innovation is key to success. Which is why the brand is looking to extend the lifespan of its products through resale platforms and is experimenting with sustainable alternatives to leather. There’s no easy solution, but Bertelli is confident they will get there.
