Spanish fashion retailer, Mango, said that it has signed its first financial arrangement tied to environmental, social, and good corporate governance (ESG) requirements, as it continues to enhance its commitment to sustainability.
Mango has extended the repayment date of its primary syndicated loan until 2028, improving the cost of its debt, while also tripling the availability of revolving credit lines and establishing sustainability conditions, after completing 2021 with its healthiest financial structure in a decade.
If Mango uses 100% sustainable cotton, recycled polyester, and cellulose fibers of controlled origin by 2025, and reduces scope 1 and 2 CO2 emissions by more than 10%, the loan cost will be reduced. Anthesis Lavola wrote a Second Party Opinion that validated the targets.
Margarita Salvans, chief financial officer at Mango, said that this is a significant transaction for the company. Not only have they tied the cost of debt to sustainability measures for the first time, but they’ve also been able to lengthen the payback calendar, lower the cost, and double their financing capacity.
Mango has repaid a total of 240 million euros in credit lines sought from the Instituto de Crédito Oficial (ICO) at the outset of the pandemic, which the business never utilized but held on its financial sheet.
Researchers have created an innovative nanofibre patch that aims to simplify and improve the treatment of psoriasis, a common skin…
Clothing 2.0 has teamed up with The Marena Group LLC, a leader in medical-grade compression garments to transform the recovery…
Polartec has enhanced its Power Shield range, as it continues to replace petroleum-based materials with renewable alternatives while improving fabric…
Biomaterial company, Uncaged Innovations, has collaborated with ten independent fashion brands to launch Elevate, a new eco-friendly luxury leather alternative.
Rudolf introduced the Digital Pigment Printing Toolbox, a package of pre-treatment products to improve the quality and sustainability of pigment…
Aquafil Group, the innovator behind ECONYL regenerated nylon, has launched the ECONYL Bespoke Collection that mimic the aesthetics of natural…