Richemont, the renowned Swiss luxury group behind prestigious brands like Cartier and Chloé, has recently released its annual sustainability report to highlight its advancements in sustainable development. The report emphasizes the company’s dedication to creating a positive impact on the environment and society.
One notable step in Richemont’s sustainability journey is the establishment of the Chief Sustainability Officer position, which was filled by Bérangère Ruchat. Additionally, Jasmine Whitbread was appointed as the head of the group’s governance and sustainability committee. These appointments underline the company’s commitment to driving progress in environmental and social sustainability.
From a financial standpoint, Richemont’s fiscal year 2021-22 concluded on a positive note, with a net profit of €2 billion, a significant increase of 61%, and a revenue of €19.181 billion, marking a growth of 44%. The company’s sustainability report reiterates its ambitious goals of reducing its environmental impact, such as aiming to use 100% renewable electricity across all its sites by 2025. Currently, Richemont stands at an impressive 92% renewable energy usage. Another goal of the company is to eliminate polyvinyl chloride (PVC) from its products and packaging by December 2022.
Richemont also highlighted its philanthropic efforts, announcing total donations of €42 million to support projects focused on health, social and economic development, and the education and welfare of women and children. This commitment to social responsibility has increased by 17% compared to the previous year and by 40% over the past five years.
One of Richemont’s subsidiary brands, Chloé, exemplifies the company’s sustainability initiatives. Under the guidance of Creative Director Gabriela Hearst, Chloé made a significant transition towards sustainable manufacturing in the summer of 2020. This commitment led to Chloé becoming the first luxury brand to receive B-Corp certification in October 2021. This certification is widely recognized for its rigorous evaluation of the social and environmental impact of consumer brands.
Richemont’s sustainability efforts extend beyond its own operations. The company published the results of its first product social impact assessment (PSIA), which focused on small-scale artisanal gold mining. This assessment enabled Richemont to evaluate the performance of specific operators in terms of community and human rights. The company also aims to achieve 100% wage equality by 2024.
Overall, Richemont’s annual sustainability report underscores its determination to prioritize sustainable development and make a positive difference in the world. The company’s commitment to renewable energy, responsible manufacturing, social responsibility, and transparent evaluation of its impact sets an admirable example for the luxury industry and beyond. With strategic appointments and steadfast goals, Richemont is well-positioned to continue driving sustainability progress for years to come.
Useful links:
1. Richemont Website – Visit Richemont’s official website to learn more about their sustainability efforts and initiatives.
2. B Corporation – Explore the B Corporation website to understand the rigorous evaluation and certification process that Chloé underwent to become the first luxury brand to receive their certification.
