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Communities

Corporate citizenship is an integral part of how we operate. All of our Maisons have a long tradition of supporting charitable causes based on a variety of reasons:

  • Local citizenship. We depend on the local communities around many of our manufacturing plants and some communities depend on us as a source of employment and tax revenue.
  • Global citizenship. Customers increasingly expect companies to do this and reward those brands that support social and environmental causes in imaginative ways.
  • Cultural citizenship. Our Maisons embody the essence of art and benefit from operating in societies that are culturally literate.
  • Ethical responsibility. We believe this is the right thing to do.

The Richemont approach to corporate citizenship has been one of encouragement and support for the Maisons delegating responsibility to select appropriate causes. This year, we have begun to collect information on the level of commitment by the Maisons. Our community spend around the world for the 12 months to 31 March 2007 was over € 12m. This was in excess of 1% of our profit before taxation.

We provide support in a range of different ways. We provide direct cash donations supporting a range of charities appropriate to the heritage and location of our Maisons and their customers. We also provide product donations and host events helping charities to develop relationships and raise awareness of their good causes among high net worth individuals.


Case Study: Officine Panerai
Officine Panerai in Hong Kong has helped the Studer Trust raise over HK$ 1 500 000 through an auction of 10 exclusive timepieces at a Sotheby’s auction in October 2006. The Studer Trust helps alleviate poverty among the most disadvantaged children in China, Hong Kong and Myanmar. The Trust supports projects in local communities such as establishing schools, mobile clinics and energy generation using bio-gas. The auction helped the Studer Trust raise much needed funds but also increase public awareness of the charity and its work.