The Watches of Switzerland Group
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Environment

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Protecting our planet is part of our company Purpose and embedded in our decision-making processes.

As part of our continual improvement and in acknowledgement of the serious risks posed by climate change, we continue to strengthen our governance mechanisms to address climate-related risks and opportunities as a top business priority.

The Group is committed to building climate resilience and achieving net-zero GHG emissions by 2050.  We are taking action to reduce our emissions in line with what the latest climate science says is necessary to meet the goals of the Paris  Agreement and pursue efforts to limit warming to 1.5°C.

In March 2023, our near-term emission targets were verified by the Science Based Targets initiative (SBTi), which is a global body and collaboration between CDP, the UN Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF).

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In FY23, we partnered ID Genève to launch the first fully circular luxury watch

100%
of UK properties within our control are powered by renewable energy sources, certified by Renewable Energy Guarantees of Origin (REGOs)

Our emissions reduction targets

"We welcome the Watches of Switzerland Group’s science-based targets consistent with limiting warming to 1.5°C. The ambition of the Watches of Switzerland Group’s targets is aligned with the need for the global economy to rapidly cut emissions. This company is setting an example for the rest of its industry, and I urge others in its sector to set their own targets too."

Luiz Amaral Chief Executive Officer Science Based Targets initiative, March 2023

 

We are driving continuous improvement in carbon reduction efficiency through our procurement decisions, the design and modification or our showrooms, facilities  management, transportation and by switching to renewable energy sources.

With the help of supplier partners, we are growing our range of products with environmental and social attributes and are helping clients reduce their environmental impact by extending the life of their watches and jewellery through repairs and reuse, as well as promoting innovation and advancements in sustainable design and packaging.

In May 2022, we responded to the CDP questionnaire on climate change for the first time and achieved a 'C' score, indicating a strong performance.

FY23 PERFORMANCE HIGHLIGHTS

  • Our near-term emissions reduction target was verified by the Science Based Targets initiative (SBTi)
  • We participated in the CDP questionnaire on climate change for the first time
  • 84% of Group properties using LED lighting
  • 100% of our UK properties powered by renewable energy
  • Our After Sales and Servicing business grew by 20%
  • Sales of pre-owned watches continue to grow
  • We partnered with ID Genève to launch the first fully circular luxury Swiss watch
  • We developed new ESG Partner Standards outlining the high environmental standards we expect from everyone we do business with
  • We carried out a Climate Scenario Analysis of our supply chain to assess the impact of global warming
  • Our business response to the Task Force on Climate Related Financial Disclosures can be found on pages 91-104 of our Annual Report and Accounts 2023

FY24 AREAS OF FOCUS

  • Striving for continuous improvement in carbon reduction and energy efficiency through procurement decisions, showroom design, facilities management, transportation and by switching to clean energy sources
  • Reducing the use of natural resources and using water more efficiently
  • Minimising waste through avoidance, recycling and adopting circularity within our business model and operations
  • Helping clients make more sustainable choices by promoting innovation and advancements in sustainable design and packaging
  • Supporting circularity by extending the life of watches and jewellery through repairs and pre-owned
  • Streamlining our business processes and leveraging technology to minimise environmental impacts and improve transparency and disclosure
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