Communities

Richemont is committed to being a good local and global citizen. The Group as a whole and each Maison individually, seeks to contribute to the health, well-being, and sustainable economic development of the wider community.

Our Maisons and our employees have a long history of supporting a wide range of charitable causes. Locally, we depend on the communities around many of our manufacturing plants and some communities depend on us as a source of employment and tax revenue. Globally, our customers increasingly expect and reward companies that support social and environmental causes in imaginative ways.

We have always been a strong supporter of cultural citizenship. Our Maisons embody the essence of arts and crafts and benefit from operating in societies that are culturally rich.

Our approach to community activities is set out in our Corporate Social Responsibility Guidelines, of which all Maisons receive a copy. Our approach to corporate citizenship is not based on “one-size fits all”. Rather, we provide a broad framework within which Maisons can select appropriate activities to support, reflecting their own communities, employees and customers.

The four broad areas in which we seek to contribute are:

Charitable involvement - both financial involvement and non-financial support in the form of resources and staff volunteering time to charitable organisations.
Sponsorship activities - financial support of local or international activities. Maisons support initiatives which are suited to their own values, image and profile of their clientele.
Fostering new talent - Richemont acknowledges the strategic importance of developing technical skills and a spirit of excellence amongst both existing and potential employees. Maisons operate apprenticeship programmes and the Group invests in education initiatives such as The Creative Academy.
Responsible citizen - Richemont recognises its obligations to its communities through the payment of all taxes in compliance with prevailing fiscal rules and regulations.

Community spend 2008-09

This year our total community spend was €20 million, an increase of 40% compared to the previous year. This equates to over 2% of our profit before tax.