As a responsible luxury goods company, our vision is to create long-term value for our business and wider society, while preserving our heritage in quality, craftsmanship and innovation.
During the year under review, our Maisons and Platforms continued to implement the Group’s first CSR three-year plan, launched in the summer of 2014. This report follows the structure of that plan. It also seeks to address the non-financial reporting expectations of our investors, employees and other stakeholders. As that three-year CSR Plan will come to an end in 2017, Richemont is developing a 2020 CSR Plan. The new Plan will reflect Richemont’s latest materiality analysis and business priorities. We hope that it will enable the business to meet evolving stakeholder expectations.
We have reviewed progress against the targets we set ourselves in 2014 as part of our initial CSR Plan. This report discloses some of our achievements against those targets. Some have either been met or exceeded, particularly with respect to sourcing raw materials, while others have not. Environmental targets relating to business travel, for example, are unlikely to be reached. We have considered those areas where targets are unlikely to be met and have identified lessons to take forward for the 2020 Plan.
For many years, our Maisons have chosen the Responsible Jewellery Council (‘RJC’) certification standards, in conjunction with our own standards and policies. Together, those standards cover a wide range of sustainability issues, including: human rights and labour standards; environmental management; and business ethics. The overwhelming majority of the Group’s sales were made by certified RJC members. Not only do we encourage our upstream suppliers and our downstream distribution partners to make the same choice, we also directly support the RJC’s efforts with regard to gold and diamond supply chains. Further details may be found in the Sourcing Pillar Case Study, which further elaborates the 2014-17 targets, our achievements against them, and the wider benefits that has brought to the fine watch and jewellery sector.
We know that there is always more to do regarding such corporate and industry-wide CSR efforts and we strive to improve each year.
Gary A. Saage
Geneva, 14 July 2017