In the Community Investment pillar our commitments are to:
- Encourage community investment within the Maisons and at Group level
- Provide information on working strategically with partners, and guidelines to assist in making informed decision and how to measure impact
- Engage with the community to deliver benefits for wider society
- Address key social and environmental issues
To ensure that Richemont’s Community Investment activities provide optimum benefit for wider society and Richemont, the Group and its Maisons continuously seek to contribute to health, well-being and sustainable economic development.
Globally, our customers increasingly expect companies to support social and environmental causes in sustainable and impactful ways. Locally, we depend on the communities hosting our operations. Some communities depend on us as an important source of employment and tax revenue.
The Group’s approach to community activities is set out in our Community Investment Toolkit. It provides a framework within which Maisons can select appropriate activities and partners to support. The four broad areas through which we contribute are:
- Charitable involvement;
- Philanthropy activities;
- Fostering new talent by way of training programmes, including apprenticeships;
- Responsible citizenship – having a positive economic impact, e.g. through employment
This year our total community spend was € 30 million against € 28 million prior year. This equates to 1.8% of our profit before tax (prior year: 1.8%). Over 90 % of community spend takes the form of cash donations. The remainder is in the form of donated products and participation at charitable events. Richemont is currently reviewing its measurement systems in order to create appropriate tools. They will improve the reporting process and enable our Maisons to have a better view of their worldwide community spend.
With arts and museums being among the most important beneficiaries, the largest single beneficiary is the Fondation Cartier pour l’art contemporain. Other beneficiaries include charities concerned with healthcare, social and economic development, education, women’s welfare and children’s sports. Richemont does not seek to influence public policy through its charitable donations.