What Sustainability at Watches and Wonders Geneva 2024 Really Looked Like

WC scraps its annual sustainability report, TAG Heuer delivers lab-grown diamonds while Cartier CEO Cyrille Vigneron renews his green commitments.

Indeed, amid the flurry of coverage surrounding the latest watchmaking developments at Watches and Wonders Geneva, the conspicuous absence of any mention of sustainability may raise eyebrows. Considering that WOW Singapore and this website previously dedicated a substantial article to the topic just a couple of years ago, one might wonder why the issue hasn't been revisited. After all, the pressing challenges confronting our planet have not miraculously disappeared in that time.

‍Despite extensive coverage of novelties from the major players at the Geneva fair and discussions with numerous brand representatives, including five CEO interviews, the term "sustainability" was notably absent. While Zenith showcased a new Defy Extreme Diver featuring a strap made from recycled fishing nets, along with two additional options, it falls short of anchoring a comprehensive sustainability narrative. Though the watch stands out for including three standard straps, it remains an isolated example in the broader context of sustainability efforts within the industry.

When it comes to the heavyweights of sustainability in the watchmaking industry, names like IWC, Panerai, and Cartier often come to mind. However, the latest offerings from these brands at the Geneva fair seem to lack significant strides in sustainability. Panerai continues to emphasize recycled materials but has not introduced any new timepieces in this domain. Meanwhile, IWC has chosen to integrate its sustainability efforts into the broader ESG (Environmental, Social, and Governance) initiative of its parent company, foregoing its annual sustainability report. While Cartier has not unveiled any new watches with sustainability features, the brand remains active in other realms. It's worth noting that all these brands are part of the Richemont group, which is notably engaged in Diversity, Equity, and Inclusion (DEI) initiatives. Sustainability, diversity, equity, and inclusiveness often converge under the umbrella of ESG, despite seeming somewhat disconnected.

During Watches and Wonders Geneva, a notable panel discussion took center stage featuring industry leaders engaged in the Watch & Jewellery Initiative 2030 (WJI 2030), one of the most prominent ESG (Environmental, Social, and Governance) initiatives in the watch and jewelry sector. The esteemed C-Suite panel included luminaries such as Cyrille Vigneron, President and CEO of Cartier, and Frédéric Grangié, CEO of Chanel Watches and Jewellery, among others.

The release of the second annual Stakeholder Report – Report on Progress 2023-2024 unveiled some intriguing insights. It revealed that 48 percent of WJI 2030 members and partners have met the minimum "commitment on Climate Resilience," allowing them to sign and submit the Science Based Targets Initiative commitment letter. However, only 29 percent have met the minimum commitment on Preserving Resources, indicating the need for greater efforts in setting up a roadmap for nature commensurate with their ambition and capabilities.

While the statistics regarding environmental commitments within the WJI 2030 initiative may raise concerns for many, Cyrille Vigneron struck a note of optimism. Despite the challenges, Vigneron highlighted the significant progress made by WJI 2030 members in areas such as gender equality, living wages, and human rights, with impressive figures of 89 percent, 83 percent, and 79 percent, respectively.

In a message of resilience and determination, Vigneron emphasized the collective power of collaboration, stating, "No one has the power to change everything alone. Together we have a chance. We must not be discouraged by current setbacks. It just means we need to work harder and keep moving forward." This call to action reflects a commitment to continuous improvement and collective action toward a more sustainable and equitable future.

It's crucial to ground our discussion in reality, especially considering that watch and jewelry companies primarily focus on producing and selling their products. According to Deloitte's Swiss Watch Industry Study, only 48 percent of luxury watch buyers cited sustainability as a leading factor influencing their purchase decisions. Furthermore, sustainability ranked fourth among the top reasons for buying a watch, trailing behind brand image, design, and price.

From the editor's perspective, this data may appear somewhat optimistic, as personal encounters with individuals who prioritize sustainability when purchasing watches are rare. While consumers generally prefer products made without harm to anyone, sustainability credentials often serve as a baseline expectation rather than a primary driver of purchasing decisions in the luxury watch

Over the past decade, notable successes in watchmaking have often been achieved by brands that haven't emphasized transparency in their operations. In contrast, Richemont brands find themselves somewhat on the defensive, alongside most other groups, irrespective of their sustainability track record. This suggests that brands may need to prioritize strategies that drive watch sales to keep pace with the market.

However, it's essential to note that despite the market pressures, no brand has abandoned its sustainable practices or halted production on relevant collections. Recycled steel, titanium, and plastic straps remain prominent features in many product lines. Looking ahead, the coming year promises further insights into how brands plan to address the transparency of their precious metal and gemstone supply chains, reflecting an evolving trend in the world of fine watchmaking.

One particularly intriguing narrative unfolding is the adoption of lab-grown diamonds at TAG Heuer, a development with potential implications for the broader watchmaking industry, albeit less so for the jewelry sector.

Source: luxuo