LONDON — IWC is looking to continue its commitment to sustainability and has addressed its goals for 2020 at a presentation held at its New Bond Street store here Monday afternoon. It is the brand's second sustainability report, with the first one published in 2015.
This is the first report aligned with the standards of the Global Reporting Initiative — a first in the Swiss luxury watch industry. The GRI Standards are global ones for sustainability reporting, and are the global best practices for reporting on a range of economic, environmental and social impacts.
“We believe that sustainable business practices help us to deliver top-line growth and bottom-line results, and mitigate risk," said Franziska Gsell, chief marketing officer and sustainability committee chair at IWC Schaffhausen. By reporting our progress biannually against measurable targets that are closely aligned with the priorities of our key stakeholders and the U.N. Sustainable Development Goals, we are delivering against our potential for improvement with a sharper and more informed focus on the issues that matter most."
Among the Compagnie Financière Richemont-owned watch company's goals set for 2020 include the reduction of packaging by 30 percent, increasing the percentage of women in management positions and reducing greenhouse-gas emissions by 10 percent.
A spokeswoman added that customers have been requesting to see the sustainability reports in the boutiques as customers want to know what they are buying. She also noted that there is not enough transparency in the luxury industry overall and believed that changes could happen by the consumer asking brands the right questions and pushing the industry.
To meet the firm's goal of reducing packaging by 30 percent, she said IWC plans to roll out a new packaging model that will reduce its environmental footprint and provide a packaging concept that is of greater value to the consumer.
Christoph Grainger-Herr, chief executive officer of IWC Schaffhausen, said that by publishing its first sustainability report aligned with the GRI’s global best-practice standards, the company is taking a step in the Swiss luxury watch industry by closely measuring and actively managing its progress. "We are committed to demonstrating transparency and accountability regarding the impact of our business on the economy, the environment and society," Grainger-Herr said. "Together with our stakeholders, we want to steadily work towards achieving our own targets and supporting the U.N. Sustainable Development Goals."
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