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LONDON – Luxury fashion brand Chanel has raised US$700 million for the issue of its first Sustainability Bond.

The company’s is different to that of the likes of Burberry – which recently issued its own US$300 million bond – in that it will include financial penalties within the mechanism for any environmental targets that it fails to meet within the given timeframe.

“It’s a logical step...we’re making [the financing strategy] consistent with the company strategy, which is centered around travelling to a more sustainable model,” said financial chief executive, Philippe Blondiaux.

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