RICHEMONT REPORTS FY23 ESG PERFORMANCE, REINFORCING ESG FRAMEWORK & GOVERNANCE

Compagnie Financière Richemont SA / Key word(s): Sustainability/ESG RICHEMONT REPORTS FY23 ESG PERFORMANCE, REINFORCING ESG FRAMEWORK & GOVERNANCE 02.06.2023 / 07:30 CET/CEST To read the full news click here: Richemont news

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Richemont, the Swiss luxury goods group, today releases its annual Environmental, Social and Governance (ESG) Report, tracking progress on the Group’s ESG performance for the year ended 31 March 2023. Building on the Group’s responsible business values and heritage, Richemont further stepped up its sustainability focus at the Executive level with the appointment of Dr. Bérangère Ruchat, Richemont’s first Chief Sustainability Officer, to the Senior Executive Committee.

 

“We have continued to make good ESG progress throughout FY23 against a volatile environment,” said Burkhart Grund, Chief Finance Officer, Richemont. “In FY23 we initiated comprehensive change across our Group functions and regions as well as our Maisons to further integrate ESG principles across our business. Reinforcing our ESG framework, our FY23 report contains significantly increased GRI disclosures.”

 

“While shifting towards a more compliance-driven approach to ESG, we continued to meet important milestones, from the phase-out of PVC to our gender-equal pay certification by the EQUAL-SALARY Foundation in Switzerland and France, two of our largest markets in terms of headcount,” said Dr. Bérangère Ruchat, Chief Sustainability Officer, Richemont. “We are on a journey of continuous improvement, and we look forward to accomplishing more in 2024 and beyond to safeguard our planet, while crafting a more sustainable, responsible future.”

 

FY2023 ESG Performance

 

Acting on our Environmental Footprint: Delivering against its science-based targets (SBT) commitments, Richemont was acknowledged by CDP for its actions in water management, improving to a B score in 2022 for the Group’s second year of reporting. Partnering for environmental impact, Richemont has also joined the CDP Supply Chain Programme, facilitating supplier engagement on climate action, as part of the Group’s SBT action plan. Advancing the Group’s commitment to 100% renewable electricity across all its sites by 2025, Richemont is operating with 97% renewable electricity worldwide, an improvement of 33 percentage points since 2019. Acting on responsible waste management, Richemont phased-out PVC from its products and packaging, representing a saving of one tonne of waste. Furthermore, in line with the Group’s commitment to improve its waste management, Richemont collaborated with local service providers to successfully increase the amount of recycled waste (+18%) and composted waste (+30%) compared to 2021. Acting on biodiversity, Richemont conducted its first materiality and risk assessment to understand the Group’s impact on biodiversity arising from its value chain.