Our overarching CSR strategy supports our vision to create long-term value for our business and wider society, while preserving our heritage in quality, craftsmanship and innovation. Our strategy has five ‘pillars’, which provide focus to our efforts, and two cross-functional considerations - deepening engagement and innovating for sustainability - which apply to all aspects of our business.
For every company, CSR has a particular meaning which relates to that company’s operations and impacts. We have conducted a materiality assessment to identify our material issues - the issues that matter most to our business and our stakeholders. This involved prioritising areas of CSR risk and opportunity through a process of consultation with key internal and external stakeholders as well as reviewing the external landscape. Based on this assessment, we identified the following five areas or ‘pillars’ on which to focus our efforts.
- Governance and Ethics - to ensure a robust governance process and high ethical standards across our business;
- Sourcing and Product Integrity - to source responsibly and ensure the integrity of our products, respecting ethical business practices, human and labour rights and the environment. To work collaboratively with industry organisations and our business partners to promote best practices across the full supply chain, both upstream and downstream;
- Richemont as an employer - to recruit, develop and retain our people, to maintain their employability in a constantly changing environment. To build the future of luxury with our people, developing their talents, ensuring excellence and performance at all levels. To provide a secure and contemporary workplace for our people;
- Environment – to reduce Richemont’s environmental impact in three key areas: carbon intensity, packaging and logistics; and
- Community investment - to ensure that Richemont’s community investment activities provide optimum benefit for wider society and Richemont.
Two cross-functional considerations underpin our strategy:
- Deepening engagement – we will engage with our employees, business partners and others to achieve our CSR goals; and
- Innovating for sustainability – we will continue to look for new opportunities to innovate our product design, materials and processes to become more sustainable.
We used our materiality review to engage more extensively with internal and external stakeholders, the results of which can be found here. That review has further informed our strategy and reporting.
The overarching CSR strategy shaped our first three-year CSR Plan (2014-2017) and has shaped our second three-year plan (CSR Plan 2020). The five pillars did not change in the period, although the areas of focus within each pillar have evolved, reflecting the results from our first Materiality Matrix and the first plan’s implementation. The 2020 Plan was approved by the Board of Directors in November 2017 and launched during the Group CSR Conference in December 2017.
The year in review was therefore one of transition. The current year will see the emergence of more qualitative and quantitative data. The year ahead will see further changes.