Crédit Agricole CIB supports Veepee through a Sustainability-linked Syndicated financing

Crédit Agricole CIB has arranged a EUR 172.5 million term loan refinancing an existing loan and a EUR 60 million revolving credit line that will replace an existing credit line for Veepee (previously Vente-Privée.com). The financing includes three non-financial performance indicators that are consistent with Veepee's sustainability strategy.

The transaction’s terms include a mechanism that increases or reduces the interest applied depending on whether annual targets are met in the following areas: the avoidance of CO2 emissions through the deployment of the RE-CYCLE offer, the well-being and commitment of Veepee’s employees and the promotion of “Tech” careers for women through mentoring and targeted awareness-raising initiatives.

Crédit Agricole CIB acted as a Coordinator, Mandated Lead Arranger, Bookrunner, Documentation Agent and ESG Coordinator in this transaction, confirming its leadership and innovation capacity in one of its major areas of expertise: sustainable finance to serve its clients’ strategies. This is part of the collective mobilization of the Crédit Agricole group for its Societal Project, which revolves around three priorities: climate, social cohesion and agricultural and agrifood transitions.

“We are extremely pleased to have supported Veepee by structuring this transaction which promotes the circular economy model - at the center of the group’s strategy since its creation -and addresses the challenge of increasing the proportion of women in the tech industry." 

Nathalie Sarel, from Crédit Agricole CIB's Sustainable Banking team

Veepee signed this sustainability-linked facility to support its sustainability strategy through its unique, strong, innovative and creative digital distribution channel for brands. Its business model is based on events and the promotion of products that were meant to be destroyed otherwise, placing the circular economy at the heart of its CSR strategy since the very beginning. The company can thus offer its members branded products or services with very significant discounts. More than ever, Veepee is committed to continue to promote a second life for these products. This is the essence of its business: a digital discounter that controls its environmental impact while guaranteeing diversity, inclusion, digital accessibility and employability. 

The facility is underpinned by RE-CYCLE, a C2B (Consumer to Business) initiative encouraging more sustainable fashion consumption/habits by collecting second hand branded products from its members' closets and giving them a new life (new ownership or recycling). This service puts circular economy at the heart of its approach.  

“With this term loan linked to environmental, social and societal goals, Veepee strengthens its global sustainable finance strategy. In addition to the many initiatives launched since 2018, this reflects our determination to reduce our carbon footprint year after year, while positioning and promoting our services to partner brands as real alternatives to our traditional activity, in particular thanks to our RE-CYCLE approach.” 
Jean Baptiste Hoyaux, Veepee's Deputy CEO