The Spanish Development Finance Institution, COFIDES, is supporting the growth in Italy of ECOALF, a sustainable lifestyle brand with products made from recycled and low-impact materials.

To this end, it will provide two co-investment loans via the FONPYME fund for a total of 565,000 euros. This funding will help cover the initial costs for the opening of the shop, as well as its fit-out and furnishings.

The transaction, which was supervised by Abante, isthe second project in which ECOALF and COFIDES have collaborated, after the latter supported the launch of the former's flagship store in Paris in 2022.

COMMITMENT TO SUSTAINABILITY

ECOALF has internal policies in relation to CO2 emissions reduction, circular design and supply chain efficiency. As a B Corp company, it has made a commitment to reaching zero net greenhouse gas emissions by 2030, which means that all emissions from ECOALF's collections will be reduced or fully offset.

CONTRIBUTION OF THE PROJECT TO THE ACHIEVEMENT OF THE SDGS

This project contributes to the achievement of Sustainable Development Goal 8, Decent Work and Economic Growth. Ecoalf designs its own fabrics with recycled materials and the company promotes responsible and sustainable consumption, limiting the consumption of natural resources and reducing CO2 emissions.

COFIDES' Deputy Director of Internationalisation, Ana Cebrián, said that "with this project, we are reinforcing our commitment to innovation, sustainability and the circular economy. The quality of ECOALF's products and the use of low environmental impact technologies support one of COFIDES' main strategic objectives: the growth of impact investment in our portfolio".

The financial director of ECOALF, Rafael Campos, commented that "the opening of our first store in a key city for fashion such as Milan, is a new step in Ecoalf's continuing expansion into international markets, which already account for nearly 50% of sales. Having the support of COFIDES allows us to accelerate the achievement of our expansion objectives in the main European markets".

ABOUT ECOALF

Over the past ten years, Ecoalf has become synonymous with its tagline BECAUSE THERE IS NO PLANET B®. It has developed over 500 recycled materials, recycling over 33 million plastic bottles since 2021, tonnes of discarded fishing nets, used tyres and post-industrial cotton and wool, saving over 17.6 billion litres of water and reducing CO2 emissions by 1,850 tonnes with its spring-summer 2023 collection, working towards its commitment to zero emissions by 2030.

In 2015, through the Ecoalf Foundation, Ecoalf launched the Upcycling the Oceans project. Beginning off the coast of Spain, it has become a global venture that helps remove marine debris from the bottom of the oceans thanks to the collective effort of more than 4,000 fishermen who have recovered more than 1,000 tonnes of waste. Since 2018 Ecoalf is proud to be a member of the B Corp community: companies that meet the highest standards of verified social and environmental performance. In July 2022, Ecoalf was recognised by B Corp as one of the "Best for the World", positioning the brand in the top 5% of the 5,000 B Corp companies globally in the environment category.

ABOUT COFIDES

COFIDES is a a state-owned company engaging in the management of State and third-party as well as its own funds, pursues a number of aims: internationalisation of Spain’s economy, furtherance of economic development and fortification of the solvency of companies affected by COVID-19. In addition to the Spanish State, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).

Subscribe to Directory
Write an Article

Highlight

Axon moves into Cloud Technology

by Axon Partners Group

cloud technology axon

Estrategias de Negociación con Inversor...

by Foro Capital Pymes

La negociación con inversores es un paso crucial y a menudo intimidan...

Photos Stream