French luxury groups Kering, Cartier de Richemont and the Responsible Jewellery Council have joined forces to set environmental targets for their watch and jewellery activities in order to move towards a more environmentally friendly path.
The decision comes against a backdrop of scrutiny of the weight of environmental issues in consumer choices and expectations, particularly among the younger generation, key sources of future revenue growth for the major luxury brands.
Dubbed the “2030 Watch and Jewelry Initiative,” the pact includes a goal to reduce carbon emissions, increase protection of biodiversity, and adopt the standards and practices set by the Responsible Jewellery Council, an industry standards body, by 2030.
“We have the proof that by being together, we are much stronger and also much more powerful to achieve these kinds of goals,” said Jean-François Palus, chief executive of Kering, which owns jewellery brands Boucheron and Pomellato, as well as watch brands Ulysse Nardin and Girard.
Kering has already established itself as one of the luxury industry’s champions on the environmental front. In 2019, its chairman, François-Henri Pinault, brought together dozens of international labels to sign the Fashion Pact, a set of commitments including reducing greenhouse gas emissions and plastic use.
“The partners in this initiative intend to start recruiting European brands before moving on to those in other countries,” said Cyrille Vigneron, CEO of Cartier, citing a list of major brands likely to join the pact, including Tiffany.
“We think there will be quite a large number of key brands, then smaller ones, but also suppliers and distributors joining the initiative,” said Vigneron.
Read also > THIERRY MARTY HAS BEEN APPOINTED PRESIDENT OF KERING NORTH AND SOUTH-EAST ASIA PACIFIC
Featured photo : © Getty Images
