Amid significant business growth, Swiss luxury conglomerate Richemont is taking a closer look at its environmental performance.
Having shared the results of various CSR initiatives since 2012, theDespite sustained momentum and detailed analysis in areas such as biodiversity and waste reduction, the group's rapid expansion could warrant further action, to keep up with a growing footprint.
In 2022, Scope 1 emissions increased by 11 percent. The growing number of company vehicles in use accounted for 56 percent of this figure, with fuel and gasoline use comprising 38 percent, and refrigerant leaks standing at 6 percent. Energy consumption, like total emissions, was also up from 2021 at 3 percent. The group attributes this slight uptick to an increase in rented and acquired buildings. However, Richemont is starting to embrace renewable electricity as energy crises prevail in Europe.
As with energy, the group’s heightened waste levels are being addressed. Focused efforts lessened the volume sent to landfills by 61 percent year-over-year. In the face of increases, Richemont is focusing on progress made and planning ahead, acknowledging the importance of transparency with the historic reporting measures.Though scaling creates friction on the sustainability front for any corporate entity, especially one that is rapidly expanding — the group hit a record $21.7 billion in sales for 2022 . This year, the conglomerate is taking further steps in the right direction as it phases out polyvinyl chlorides from brand products and packaging.
Industry Sectors News Retail Sustainability Esg Greenhouse Gas Emissions Luxury Luxury Marketing Luxury News Luxury Retail Richemont Sustainability
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