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A ground-breaking approach
pioneered by Fumagalli

31 July 2015

Renzo Rosso and Gucci, pioneers of process banking: helping companies find resources in their own supply chain

An innovate, virtuous idea that changes the rules of the game

By companies for companies: a credit union built with suppliers.
The structural crisis of the western economy requires the construction of new banking services for the revival of business. Traditional lending institutions haven’t really helped; in fact their only solution to ensure economic stability has been to save money and cut funding.

While the old credit systems are just too expensive, it seems that a solution can be found among businesses helping each other out. Renzo Rosso is the owner of Diesel, which is organised to give a rating based on the quality and punctuality of its suppliers. Working with the group Only the Brave (OTB), Diesel is willing to finance those companies that are in line with its evaluation criteria. International Factors Ifitalia, part of the BNP Paribas group, provide credit amounting to 50 million euros at a rate of about 2.5%.

The scheme is based on a corporate banking approach, which directs funding according to the business processes of the whole supply chain and not only on the opportunities and safeguards of the individual company. The financial investment is no longer based only on the creditworthiness of a single company, since it participates in multiple economic flows, associated with a specific level of risk.

According to Renzo Rosso in an article in the Italian newspaper La Repubblica, “200 suppliers from specialist outsourcing companies , manufacturers of buttons and dyers have been helped and encouraged to work with his company. Drawing on the resources made available by the Venetian group, companies can cut their interest payments by 10 per cent, which removes the constant pressure, and they can continue working with the security of being able to pay salaries. ”


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