Communities
Richemont and its Maisons seek to contribute to the health, well-being and sustainable economic development of the wider community.
Globally, our customers increasingly expect companies to support social and environmental causes in imaginative ways.
Locally, we depend on the communities around many of our manufacturing plants. Some communities depend on us as a source of employment and tax revenue.
The Group’s approach to community activities is set out in our Corporate Social Responsibility Guidelines. These guidelines provide a framework within which Maisons can select appropriate activities to support. Our Maisons and our employees have a long history of supporting a wide range of charitable causes. Similarly, our Maisons embody the essence of arts and crafts and benefit from operating in societies that are culturally rich.
The four broad areas in which we contribute are:
- Charitable involvement;
- Sponsorship activities;
- Fostering new talent by way of training programmes, including apprenticeships;
- Responsible citizenship, e.g. through the payment of local and national taxes.
Community spend 2011/12
This year our total community spend was € 18 million (prior year: € 18 million). This equates to 1.0 % of our profit before tax. Some 95 % of community spend takes the form of cash donations. The remainder is in the form of donated products and charitable events.
The largest beneficiary of community investments is Laureus (see ‘Charitable involvement’ section). The arts and museums, including the Fondation Cartier pour l’art contemporain are also important beneficiaries. Other beneficiaries include charities concerned with medical research, child welfare and education. Recognising its close relationship connection with Japan, the Group made a special donation in that country following the earthquake and tsunami in March 2011. That donation is not included in the 2011/12 figures summarised above. Further donations were made in 2011/12 linked to relief for that disaster.
As a Group, we continue to review the systems we use to gather information about charitable activities and other community investments.
The Group has not invested in infrastructure projects or provided services which help the wider community in the areas in which it operates: such projects are financed through the tax contributions by our operating companies. Due to the relatively small scale of operations associated with the manufacture of high quality goods in Western Europe, no assessments of the impact on communities of entering and operating are carried out.