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The interest on excess reserves now stands at 1.8%, a 30 basis point cut compared to the 25 basis point reduction for the benchmark funds rate.The Fedread more
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MILAN, May 22 (Reuters) - Italy's Prada will stop using animal fur in its products from the 2020 women's spring-summer collections to be presented in September, the luxury group said on Wednesday.
The decision is part of a wider trend among fashion brands to champion ethical and sustainable policies in a bid to win over environmentally-savvy younger customers.
In September, London Fashion Week declared itself fur-free for the first time, just a few days after a similar announcement from Britain's Burberry.
Other labels turning their back on fur include Italian luxury labels Versace, Gucci and Armani.
"Focusing on innovative materials will allow the company to explore new boundaries of creative design while meeting the demand for ethical products," said creative director Miuccia Prada, who runs the company with husband Patrizio Bertelli.
The current inventory will be gradually sold down until it is exhausted.
Fur Free Alliance, a coalition of more than 50 animal protection groups round the world, praised the decision.
"Prada was one of the fastest companies to go fur-free once positive dialogue began a little more than a year ago," said the lobbying group's programme manager Brigit Oele.
The global movement against fur was gaining momentum fast, Oele said, adding it was very unlikely fur will ever return as an acceptable trend again. (Reporting by Claudia Cristoferi; Editing by Stephen Jewkes and Andrew Cawthorne )