The credit line with Intesa Sanpaolo SpA is for a maximum amount of 400 million euros and expires in 2023 but can be renewed for two additional years and based on a rewarding mechanism linked to the achievement of environmental impact reduction targets.
“Thanks to this credit facility, Moncler consolidates its already solid liquidity position while further mitigating the risk profile deriving from the current situation,” stated the company on Friday after trading hours. In 2019, Moncler’s net profit rose 9 percent to 361.5 million euros on the back of a 15 percent growth in revenues to 1.62 billion euros and a cash pile of 662.6 million euros.
The committed credit line expires in 2023 and can be renewed for two additional years. As reported, in September Moncler entered the Dow Jones Sustainability Indices World and Europe, recognized as the Industry Leader in the textiles, apparel and luxury goods’ sector.
“At Moncler, we have long been committed to creating value for all stakeholders through the continuous integration of sustainability into our business model,” said chairman and chief executive officer Remo Ruffini at the time. “A lot has been done to date, but we know that we need to do much more in order to find solutions to the imminent social and environmental challenges facing humankind globally.”
The energy used throughout Moncler’s operations and stores in Italy comes from renewable sources and Moncler’s corporate headquarters, logistics center and production site have an ISO14001-certified environmental management system that provides continuous impact mitigation programs.
Moncler has been researching low-impact solutions, ranging from fabrics and accessories made with recycled materials to those of alternative origin, as well as focusing on the well-being of its employees, offering health programs and professional development initiatives dedicated to young talents as well as the possibility to volunteer during working days.
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