Watches of Switzerland has tied its financing to sustainability targets by linking its existing credit facility to the achievement of green goals.
The move is part of the retailer’s its commitment to the delivery of its climate goals and supporting a more circular economy.
Watches of Switzerland Group CEO Brian Duffy said the news “further underscores” its commitment to sustainability.
“In line with our Purpose and values, we are committed to sustainable growth and protecting our planet for future generations by setting ourselves ambitious targets and ensuring ESG is an inextricable part of how we do business,” he added.
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With Barclays acting as sustainability coordinator, the Watches of Switzerland has introduced a sustainability component into its existing £225 million revolving credit facility, tying its financing costs to the achievement of the Group’s sustainability strategy.
Under the agreement, Watches of Switzerland must demonstrate an annual reduction in Scope 1, 2 & 3 greenhouse gas emissions, which is consistent with achieving its near-term Science Based Targets Initiative (SBTi) validated targets and aligns with the aims of the Paris Climate Agreement to limit global warming to 1.5°C.
A further sustainability target links to the Group’s circularity focus and an annual increase in the number of watches kept in circulation each year through its repairs, servicing and pre-owned business.
Head of sustainability and ESG Kesah Trowell said: “Our efforts to support a more circular economy will enable skilled work opportunities and ensure that more treasured timepieces can be enjoyed for many years to come.”
