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 our business partners to promote best practices across the full spectrum of the 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 and to grow craftsmanship;
- 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 Richemont and wider society.
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.
In the prior year we deepened 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.