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 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:
This year our total community spend was € 17 million (prior year: € 18 million). This equates to 0.7 % of our profit before tax (prior year: 1.0 %). Over 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 Fondation Cartier pour l’art contemporain, with arts and museums being the most important beneficiaries (see ‘Charitable involvement’ section). Other beneficiaries include charities concerned with sports, medical research, child welfare and education.
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.
As a Group, we continue to review the systems we use to gather information about charitable activities and other community investments. The year ahead will see the implementation of metrics and reporting tools better suited to the Group’s level of donations. The tools follow the recommendations of LBG (formerly the London Benchmarking Group).