Our ESG ambitions are grounded in the UN’s Sustainable Development Goals (SDGs). This global road map has already inspired concrete actions from our Maisons and businesses, to innovate for a better, more human future.
Reducing our Environmental Footprint
In FY22, Richemont was recognised for its leadership in corporate sustainability by the global environmental non-profit organisation CDP, achieving a place on its ‘A List’ for tackling climate change, one of 200 companies out of 12,000 ranked. Our top ranking is testament to our colleagues’ hard work at Richemont, who have enabled us to progress on our Science Based Targets (SBT). Validated by the Science-Based Target initiative in September 2021, our SBTs provide us with a clearly defined pathway to reduce our impact on climate change, while future-proofing our business for greener growth.
In 2021, we joined the RE100, a global initiative of the world’s most influential companies committed to 100% renewable power. We are making good progress on our ambitious goal of 100% renewable electricity across all our sites by 2025. Today, we operate with 92% renewable electricity worldwide.
Richemont has decided to stop the use of PVC in all products and packaging by December 2022. We will continue to work collaboratively with industry organisations and our business partners to promote best practices across our supply chain.
For more detail on how we proactively reduce our environmental footprint, click here (Pages 26 to 52 of our 2022 Sustainability Report)
Amplifying our Social Handprint
We are honoured to be ranked on the World's Best Employers 2021 by Forbes, recognising our ongoing transformation to become a people-centric and inclusive organisation that offers our colleagues greater listening and support across their entire employee journey. We are also partnering with the EQUAL-SALARY Foundation to reach 100% equal pay certification by 2024.
As part of our commitment to amplifying our social impact and improving transparency, we concluded our first Product Social Impact Assessment (PSIA) on artisanal and small-scale mined (ASM) gold and designed an approach for future social projects. Through the PSIA, we evaluate specific operators and measure their overall social and human rights performance. Over 95% of gold purchased is recycled and RJC 'Chain of Custody' certified. Our target is to be 100% CoC by 2025.
Working to positively impact the communities where we operate, in 2021, we donated a total of over €42 million to community investment-related initiatives. In under five years, we have given 40% to charities concerned with healthcare, social and economic development, education, women, and children's welfare.
Refining our Governance
Each year, we refine our governance processes to ensure they can fuel the level of change we need to become a truly sustainable business.
Building on the successful establishment of the Board of Directors’ Governance and Sustainability Committee under Clay Brendish in 2021, Jasmine Whitbread was appointed as the Committee’s new Chair. Ms Whitbread is an experienced Non-executive Director with extensive expertise in ESG matters. Furthermore, Richemont was delighted to welcome Dr. Bérangère Ruchat, its first Chief Sustainability Officer in February 2022.
The Corporate Governance Report in the 2022 Annual Report contains an extensive description of the related mechanisms used by the Board to exercise its governance duties: more detail can be found in the Corporate Governance Report 2022.
Our Sustainability Report has been prepared in accordance with the Core option of the Global Reporting Initiative’s (GRI) Standards (see Sustainability Report 2022, pages 138 to 163).
We also produce a SASB Index (see Sustainability Report 2022, pages 164 to 168). We will continue to strengthen disclosures and alignment with SASB in future reports.
Building on the successful establishment of our Governance and Sustainability Committee, Richemont received a Sustainalytics rating of 10.7, highlighting our low ESG risk profile and ranking the Group in the top 2% of companies rated worldwide. This score surpasses our 2020 rating of 11.3.
Our rating positions the Group as an industry leader in the top 10 amongst our peers globally and one of the best companies in Europe.
Our Sustainalytics rating follows Chloé's B Corp certification in 2021, making it the first luxury Maison to achieve this highly demanding endorsement, demonstrating the highest social and environmental performance levels.
For more detail on how we proactively refine our governance, click here (Pages 98 to 114 of our 2022 Sustainability Report)
Responsibility for sustainability lies with the Group Chief Finance Officer (CFO), who is a member of the Board of Directors and the Senior Executive Committee. He regularly liaises with Maison Chief Executive Officers (CEOs), function and regional heads and reports directly to the Board of Directors and the Governance and Sustainability Committee on sustainability matters.
Appointed by the Board, the Governance and Sustainability Committee reviews ESG strategies, policies and guidelines.
The CFO is supported by the:
• Chief Sustainability Officer
• Group’s Sustainability function
• Dedicated Sustainability Taskforces
The Committee has established terms of reference and meets at least four times a year to:
• Review progress of the Group’s ESG Strategy
• Agree activities to support relevant programmes
We work with industry organisations such as the Responsible Jewellery Council (RJC) or the Coloured Gemstones Working Group (CGWG) to promote best practices and do all we can to improve transparency and traceability.
All of our Maisons using gold and diamonds – which represents 80% of the Group’s sales – are full members of RJC.
The RJC’s Code of Practices covers a wide range of issues including: human rights and labour standards, environmental management, the impacts of mining and business ethics. The RJC has developed a Chain of Custody standard for gold and other precious metals; a similar standard for diamonds is under development.
All diamonds purchased by the group are compliant with the Kimberley Process Certification Scheme which has worked since 2003 to put an end to the trade in conflict diamonds.
As well as continuing to better our understanding of supply chains for gold and diamonds, we are also improving our sourcing insights and knowledge for leather, exotics, gemstones and textiles as we conduct over 100 supplier audits each year.
Using technology and innovation, we are also broadening the choices available.
Creativity, innovation and craftsmanship are core values we share with our customers. That’s why we seek to protect them from the sale of counterfeit goods, and to safeguard the intellectual property of our Maisons. Counterfeits not only undermine the livelihoods of the men and women creating and producing authentic goods, they also seek to deceive customers.
Working with customs, police and administrative authorities all around the world, we organise raids and seizures to limit the spread of fake goods and send a strong message to pirates and counterfeiters. We’re also committed to a programme of civil enforcement via strategic litigation, to further highlight the issue and act as a deterrent. Each year, on and offline, we remove a large number of fake products from circulation. If you think you’ve seen counterfeit products that infringe on our creative rights, please alert: firstname.lastname@example.org
Our activities are guided by a common framework that reflects our values. The framework includes our Corporate Responsibility Policy, as well as codes of conduct for employees, suppliers and the environment, collectively known as ‘the Codes’. Our sustainability strategy provides an overarching framework, which helps Richemont’s managers, employees and suppliers to understand our expectations.
Search our reports & policies page for performance reports, policies and more.
CDP Climate A-list
Recognised for leadership in corporate sustainability and climate action, one of 200 companies out of 12,000 rankedRead more
FT Climate Leader
One of 400 companies across Europe that have achieved the greatest reduction in their greenhouse gas emissions between 2015 and 2020Read more