Editor’s Note
This article examines the persistent challenges luxury groups face in achieving full supply chain transparency, particularly regarding precious materials. While traceability has become a boardroom priority, the path from mine to market remains complex and fraught with obstacles.
Luxury conglomerates like Richemont are working to make their supply chains more transparent. Yet, they repeatedly encounter obstacles in this process.
Human rights in supply chains are no longer a topic reserved only for anti-globalization events. In the executive suites of Western Swiss luxury conglomerates, the discussion about the traceability of the origin of gold and diamonds for their expensive products has become commonplace. It is a rather bumpy road where companies navigate between transparency and discretion.
Richemont illustrates what this means in concrete terms. The Geneva-based luxury group has recently stepped up its efforts regarding human rights. In February, it brought on board Bérangère Ruchat, a respected and well-connected Chief Sustainability Officer, who reports directly to the CFO.