Kering and Cartier launch an environmental pact for watchmaking and jewelry
PARIS, October 6 (Reuters) – The French luxury group Kering (PRTP.PA), Cartier’s (CFR.S) de Richemont and the Responsible Jewelery Council have joined forces to set environmental targets for watch and jewelry activities, challenging the Industry labels are committed to them too.
The move comes against a backdrop of scrutiny of environmental issues among consumers, especially among the younger generations, key sources of future revenue growth for luxury brands.
Dubbed the “Watch and Jewelery Initiative 2030”, the goals include targets for reducing carbon emissions, protecting biodiversity and adopting practices defined by the Responsible Jewelery Council, an industry standards body, by 2030.
“We have proof that by being together, you are much stronger and also much more powerful to achieve these types of goals,” said Jean-François Palus, CEO of Kering, which owns the Boucheron jewelry brands and Pomellato and the Ulysse Nardin and Girard watch brands. -Perregaux.
Kering has already established itself as an industry champion on the environmental front for the clothing industry. In 2019, its president, François-Henri Pinault, brought together dozens of international labels to sign the so-called Fashion Pact of commitments, notably the reduction of emissions and the use of plastic.
The partners of the watch and jewelry 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 top brands, including Tiffany.
“We think there will be a fairly large number of key brands and then the smaller ones as well but also key suppliers, with distributors who will join the initiative,” said Vigneron.
Highly profitable labels will likely be under pressure to sign up, he added.
LVMH (LVMH.PA), which bought out Tiffany earlier this year, was absent from the Fashion Pact, which included high-end labels like Hermes in France (HRMS.PA) as well as low-end groups like Inditex, owner of Zara (ITX. MC).
Reporting by Mimosa Spencer; Editing by Himani Sarkar
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