IWC Schaffhausen has vowed to slash the volume of packaging it uses by 30% and double the percentage of women in management positions as part of a new social responsibility target by 2020.
The pledges are among a series of objectives set out in its 2018 Sustainability Report, published this week.
It also set targets around achieving gender quality in training, reducing energy consumption and securing managing its supply chain in a responsible way. The company currently relies on approximately 450 suppliers across its business.
IWC said it is the first Swiss luxury watch brand to publish a sustainability report based on the global best-practice standards of the Global Reporting Initiative (GRI).
It claims that economic growth, using renewable energy and maintaining a commitment to social responsibility have formed the foundation of IWC’s mission right from the very beginning, and therefore its goals for 2020 reinforce its commitment to the UN Sustainable Development Goals.
The standards established by the GRI are the first and most widely adopted global standards for sustainability reporting, providing a trusted reference for policymakers and regulators worldwide.
Christoph Grainger-Herr, CEO of IWC Schaffhausen, said: “We strive to create long-term value for both our business and society while preserving our heritage of quality, craftsmanship and innovation. By publishing our first sustainability report in accordance with the GRI’s global best-practice standards, we are taking a pioneering step in the Swiss luxury watch industry by closely measuring and actively managing our progress.
“We are committed to demonstrating transparency and accountability regarding the impact of our business on the economy, the environment and society. Together with our stakeholders, we want to steadily work towards achieving our own targets and supporting the UN Sustainable Development Goals,”
Mr Grainger-Herr said the company’s vision is to the way in the luxury watch segment by producing timepieces of the highest quality sustainably and profitably. This includes working together with customers, colleagues, business partners and the wider community to create long-term social and environmental value for society while staying growth-oriented.
IWC’s 2020 targets compared to a 2017 baseline, include:
- Reducing the volume and weight of primary packaging by 30%
- Doubling the percentage of women in management positions
- Reducing greenhouse-gas emissions by 10%
- Achieving Responsible Jewellery Council (RJC) Code of Practices recertification, which has been held since 2014
Franziska Gsell, chief marketing officer and sustainability committee chair at IWC Schaffhausen, commented: “We believe that sustainable business practices help us to deliver top-line growth and bottom-line results, and mitigate risk. By reporting our progress biannually against measurable targets that are closely aligned with the priorities of our key stakeholders and the UN Sustainable Development Goals, we are delivering against our potential for improvement with a sharper and more informed focus on the issues that matter most.”