Moncler signs sustainability-linked credit line, renews eyewear deal with Marcolin
Jul 7, 2020
Moncler has signed a deal for a sustainability-linked revolving credit facility. The brand led by Remo Ruffini has obtained a credit line for a maximum of 400 million euros from Italian bank Intesa Sanpaolo. The financing, which is destined to have a "positive impact," expires in 2023 and can be renewed for a further two years.
As a sustainability-linked revolving credit facility, the new credit line will reward Moncler for achieving specific objectives aiming to reduce the environmental impact of its operations.
The company, which is best known for its quilted jackets, is not the first brand to take out this kind of loan. Prada, for example, signed a for sustainability-linked loan with Crédit Agricole in November 2019.
"Thanks to this credit facility, Moncler consolidates its already solid liquidity position while further mitigating the risk profile deriving from the current situation," said Moncler in a release.
Following the announcement of the loan, the Italian brand has signed an early license renewal for its licensing deal with Marcolin Group for the design, production and distribution of its men's and women's eyewear collections, which include both sunglasses and optical frames.
As explained by the companies in a release, the partnership, which began in 2015, has been extended for another five years, until 31 December 2025.
In 2019, Moncler's revenues grew 15% to 1.63 billion euros, while its net income rose 9% to 361.5 million euros.
Copyright © 2020 FashionNetwork.com All rights reserved.