Burberry secures £300m sustainability linked loan

YarnsandFibers News Bureau 2022-01-17 13:28:49 – United Kingdom

Luxury fashion brand, Burberry, has refinanced its Revolving Credit Facility to a 300 million pounds (US$410m)Sustainability Linked Loan in collaboration with Lloyds Bank.

The facility is related to the achievement of important environmental, social, and governance (ESG) criteria as part of the company's goal of becoming climate positive by 2040. This includes a 46% reduction in emissions across its extended supply chain by 2030, with a goal of achieving net-zero by 2040.

Julie Brown, the company’s chief operating and financial officer, said that at Burberry, they think their long-term prosperity depends on building a net-zero future. The luxury industry, as well as the rest of the economy, will benefit from linking funding sources to sustainable activities. They appreciate their relationship banks' assistance in securing this money, which will aid them in their efforts to decarbonize their own operations and supply chain.

The loan, according to the article, aims to support the brand's efforts to integrate ESG into all aspects of its operations, including its financial sources.

In 2021, Lloyds Bank established a sustainability and ESG finance division with the goal of assisting clients with their sustainability objectives by providing funding and strategic planning. It believes that the relationship with Burberry would inspire other high-end fashion houses to pursue greener ambitions.

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