Fashion group Prada has agreed a €50 million 5-year sustainability loan with Credit Agricole.

The loan allows for interest rates that fall when certain sustainability targets are met.

Prada S.P.A says the agreement means the interest rate on the loan will be adjusted annually if the firm’s stores gain a LEED Gold or Platinum certification, or if the company meets targets for using Re-Nylon, a sustainable nylon substitute for the production of its products. The loan is the first of its kind issued by a fashion house.