Guess announces European credit facility with sustainability component

The new facility replaced certain short-term borrowing arrangements with various banks totalling €120 million, Guess said in a statement.

The Guess Sustainability Plan focuses on three key pillars: Operating with Integrity; Empowering our People; and Protecting the Environment. In line with the third pillar, the interest rate for the new facility will be subject to an annual adjustment based on the achievement of specific sustainability goals aimed at reducing greenhouse gas emissions, increasing the use of sustainably sourced materials and increasing the penetration of the company’s Guess Eco products.

Carlos Alberini, chief executive officer of Guess, Inc., commented, “Our new €250 million European credit facility reflects the importance of the European region to our overall company as our largest segment, as well as our lenders’ confidence in our strategy. We remain highly committed to our goal of protecting the environment and see sustainability as fully integrated into our operations. This new credit facility will not only provide incremental access to longer term capital but will also align financial incentives with our sustainability goals.”

ALCHEMPro News Desk (KD)