Parent company of Cartier, Chloé
Richemont reported using more low-carbon modes of transport recently and as a result its upstream logistics emissions showed a slight decline from 2019 to 2021. However, it also reported a significant increase in purchased goods and services emissions in the same timeframe. To keep up with its competitor Kering, Richemont should set more ambitious targets for both its own operations and supply chain, and advocate for its urgent renewable energy needs with key decision makers. More importantly, it needs to provide significantly more transparency into its activities, and take active steps to engage with suppliers and provide training, resources, financial support, and incentives for them to phase out coal fired boilers and transition to renewable energy as soon as possible.
Key Findings for Richemont
Richemont has set an emissions reduction target for its own operations of 46% by 2030.
The company has also set an intensity-based target for purchased goods and services and business travel in its supply chain of 55% per dollar value added by 2030, which is equivalent to a 5% reduction in absolute terms according to the brand’s CDP disclosure. This target is far short of the 55% reduction required.
Richemont has set a renewable energy target in its own operations of 100% by 2025, but it is not clear whether the energy will be additional to the grid.
Richemont has yet to set a target of 100% renewable energy for its supply chain by 2030, which is an essential step for decarbonising its manufacturing.
Coal phase out:
Richemont has not publicly set a target to phase out coal-fired boilers from its supply chain by 2030 to reduce air pollution and cut emissions.
Richemont publicly reports GHG emissions in its own operations, and in its supply chain, including a full breakdown of its Scope 3 emissions.
Richemont does publicly report its energy use for its own operations, including a breakdown of its renewable energy use and how that energy is sourced.
For its supply chain, Richemont does not publicly report its energy use, or a breakdown of its suppliers’ renewable energy use and how that energy is sourced.
Richemont does not provide a list of its suppliers.
Richemont does not report providing its suppliers with training and resources to help them make energy efficiency improvements, does not report providing its major suppliers with financial incentives for energy efficiency measures, and does not require them to make energy savings as a condition of contract.
Richemont does not require suppliers to reduce thermal coal demand in their manufacturing processes.
Richemont does not report providing its suppliers with training and resources to help them transition to renewable energy. The company does not report providing financial support or incentives to make the energy transition, and does not require suppliers to use renewable energy as a condition of contract.
Richemont does require 20% of its suppliers by emissions to set science-based emissions reduction targets by 2025, and does require major suppliers to provide facility level data and annually report GHG emissions.
Richemont has committed to phase out PVC from all products and packaging by the end of 2022, but has not committed to completely phase out fossil fuel derived materials.
Richemont has not made a public policy to ban the sourcing of leather from the Amazon Biome or taken measurable steps to ensure that Amazon leather is not contributing to deforestation, and the company does not have processes in place to avoid leather sourced from deforested regions. Richemont does have a general policy against contributing to deforestation through other materials including cellulose-based fabrics in its supplier code of conduct.
Richemont has not committed to increasing closed-loop apparel-to-apparel recycling for synthetics and plant-based materials by increasing its use of post-consumer recycled fibres. Richemont has not committed to reduce the impact of its raw materials in apparel sourcing by switching to organic cotton or cotton sourced from regenerative agriculture by 2030, although it has some initiatives to increase recycled cotton, linen, nylon and leather in its Montblanc brand.
Richemont’s brand Chloe has set a goal to increase circularity by improving the use of waste raw materials and developing a circular denim line, and Richemont’s watch brands are designed for longevity and resale, but Richemont needs to set company-wide goals to improve circularity and reduce production.
Richemont does not publicly report its material mix, its volume of deadstock or how it manages or disposes of its deadstock to reduce waste, but it did report that its brand Chloe has achieved a target to divert all raw material waste.
Richemont does report its shipping emissions annually, and does provide a breakdown of its transportation methods emissions footprint, but does not have a target to reduce GHG emissions from transportation.
Richemont has included upstream transportation suppliers in its target to commit 20% of its suppliers by emissions to set SBTs. Richemont does not have a policy to avoid aviation and commit to slower shipping methods such as maritime, rail and land. The company also does not report having a near-term plan to ship its cargo via cleaner methods. But it did report a 5.6% drop in its transportation and distribution emissions between 2019 and 2021.
Richemont has not committed to transitioning to zero emissions vessels (ZEV) by 2030. The company has not used its voice publicly to advocate for Zero Emission Shipping.
Richemont has yet to commit to transitioning its last mile delivery to zero emission vehicles.
Richemont did not engage in any discernible renewable energy advocacy during the Scorecard period.
More About Richemont
EngagementRichemont did not respond to requests
- “Richemont CDP,” 2020.
- “Richemont CDP,” 2021.
- “Richemont CDP,” 2022.
- “Richemont Supplier Code of Conduct,” January 2022. https://www.richemont.com/media/smqbig55/richemont-supplier-code-of-conduct-01-2022-eng.pdf.
- “Richemont Sustainability Report 2022,” June 2, 2022. https://www.richemont.com/media/agondiwh/richemont-sustainability-report-2022-1.pdf.