Richemont is on track to eliminate PVC in its products and packaging by December – WWD
LONDON – Compagnie Financière Richemont touted its ESG progress in the 2022 fiscal year ending March 31 and confirmed it was on track to eliminate PVC by the end of December. Over the past few years, the group has reported on its objectives and achievements in increasing detail and has also strengthened its ESG team.
“We continued to accelerate our sustainability efforts throughout (fiscal 2022) to achieve our short, medium and long-term goals,” Richemont Chief Financial Officer Burkhart Grund said Thursday, as the company published its latest ESG report online.
“With the arrival of Bérangère Ruchat and Jasmine Whitbread, we are reinforcing our sustainability focus and laying the foundations that will drive world-class environmental and social progress in our operations and supply chains,” he said. -he adds.
As noted, Ruchat has been appointed as Richemont’s first sustainability director, and Whitbread is the new chairman of the group’s board governance and sustainability committee. Richemont described Whitbread as an experienced non-executive director with “extensive expertise” in ESG.
“With my team, I am further developing the group’s vision to accelerate and amplify the ESG transformation,” Ruchat said.
“Our mission is to instill an impact-driven mindset, enabling our colleagues to understand and integrate environmental and social dimensions into every business decision. In line with global standards, we are committed to expanding our sustainability reporting and operating with the highest level of corporate governance,” she added.
Over the past year, Richemont has reported achieving its science goals and has been publicly recognized for its leadership in corporate sustainability.
It obtained an A classification with the CDP for the fight against climate change. CDP is a not-for-profit, charitable organization that manages the global disclosure system for investors, businesses and local governments to manage their environmental impacts.
The group said it remains committed to 100% renewable electricity at all of its sites by 2025 and operates on 92% renewable electricity globally, an improvement of 28 percentage points since 2019 The company said it is on track to eliminate polyvinyl chloride, or PVC, from its designs and packaging by December 2022.
Richemont said it has concluded its first product social impact assessment, PSIA, on artisanal and small-scale mined gold, and designed an approach for future social projects. Through the PSIA, Richemont said it can assess specific operators and measure their overall social and human rights performance.
The group has also set itself a target of 100% equal pay by 2024 and last year donated 42 million euros to community investment initiatives, in the fields of health, social and economic development, education, the well-being of women and children.
Donations, he said, represent a 17% year-over-year increase and a 40% increase over a five-year period.
In fiscal 2022, Richemont also received a Sustainalytics rating of 10.7, reflecting a low ESG risk profile and ranking the group in the top 2% of rated companies globally.
The Sustainalytics rating follows Chloé’s B Corp certification in 2022, which made it the first luxury house to achieve this goal.
Richemont’s watch brands have also made giant strides in the area of sustainability.
As noted, Panerai CEO Jean-Marc Pontroué makes luxury watches with recycled materials. It also released lists of the brand’s suppliers in the hope that Panerai’s competitors could use metals and similar substances – and drive down overall prices.
Pontroué has pledged to use only recycled packaging by 2023 and has looked outside the industry for inspiration. Earlier this year at Watches and Wonders, Panerai unveiled more eSteel watches, made from recycled metal.
Panerai’s Swiss offices in Neuchâtel, which opened almost ten years ago, have no environmental impact with regard to the production of carbon dioxide. The buildings are equipped with emission reduction devices and use electricity from renewable sources.