About Rolex - 2023 Sustainability report - Sustainability at Rolex

Rolex believes that stakeholder input is essential for developing a relevant and robust sustainability strategy.

Rolex regularly interacts with its stakeholders in a variety of contexts and environments. First and foremost, the brand involves its employees when developing its industrial and commercial practices. It also works with its partners, suppliers, service providers and affiliates to improve its processes and define requirements that are beneficial to society and the environment.

This diagram categorizes Rolex’s key stakeholders into three layers. At the core are internal stakeholders, including the Board of Directors, the Hans Wilsdorf Foundation, the Chief Executive Officer, employees, and TUDOR. The next layer includes operational partners such as subcontractors, suppliers, and Retailers. The outer layer represents external stakeholders, including end customers, competitors, sponsored partners, public authorities, recruitment companies, residents, media, intergovernmental organizations (IGOs), and non-governmental organizations (NGOs), who play a critical role in shaping Rolex's sustainable practices. — Overview of Rolex’s main stakeholders, highlighting internal and external groups central to the company's sustainability efforts.

Materiality analysis

Rolex conducted its first materiality analysis in 2023. This consultative process enabled the brand to identify and prioritize its sustainability topics, based on the expectations of its stakeholders and taking its most significant impacts on the economy, the environment and society into account.

This first materiality analysis was led by Rolex’s Impact and Sustainability Department with the support of an external partner and, internally, the Sustainability Steering Committee.

Identification of material topics

In order to identify its material topics, an initial list of topics – wide-ranging and relating to the company’s business activities and context – was drawn up on the basis of sector intelligence, internal interviews, various impact studies commissioned by the Impact and Sustainability Department, and several recognized reference frameworks, such as the ISO 26000 standard and the United Nations Sustainable Development Goals (SDGs).

Rolex sent an online questionnaire to some of its stake- holders to request their feedback on this initial selection of sustainability topics, which in turn made it possible to collect data to build an initial materiality matrix. The Sustainability Steering Committee carried out an internal assessment of the matrix in terms of the company’s performance and prioritized a list of material topics. This list was then discussed by managers and approved by the Sustainability Strategy Committee, which reports to the Chief Executive Officer.

The results of this exercise will help to refine Rolex’s sustainability strategy and reinforce the company’s action in this area, as each material topic will be the subject of commitments and quantified targets with performance indicators within this framework.

This chart outlines the multi-step process Rolex uses to identify and prioritize sustainability topics. It starts with a documentary analysis, sector intelligence, and the ISO 26000 framework. The Impact and Sustainability Department approves a list of topics, which are further refined through a questionnaire sent to stakeholders, including governance members, employees, suppliers, and affiliates. The Steering Committee evaluates material topics, followed by approval from the CEO, resulting in a definitive list of priority sustainability topics. — Methodology used to identify and prioritize Rolex’s sustainability topics.

Rolex’s priority topics organized by strategic pillar

Contributing to the United Nations Sustainable Development Goals (SDGs)

Rolex’s commitments regarding its material topics are a concrete response to the United Nations SDGs. Divided between the brand’s six key strategic areas, these material topics are summarized in the following table, along with the corresponding SDGs.

This table outlines Rolex’s key sustainability priority topics, grouped into six strategic areas: Governance, Supply Chain, Sustainable Products, Environment, Responsible Employer, and A Committed Company. Each topic is linked to one or more of the United Nations Sustainable Development Goals (SDGs). For example, under Governance, topics like transparency, governance, ethics, fair competition, and data protection are aligned with SDG 16 (Peace, Justice, and Strong Institutions). In the Supply Chain area, the focus on human rights, responsible procurement, and the traceability of raw materials and precious stones supports SDGs 12 (Responsible Consumption and Production) and 8 (Decent Work and Economic Growth). The Sustainable Products area addresses innovation, eco-design, and the circular economy, contributing to SDGs 9 (Industry, Innovation, and Infrastructure) and 12 (Responsible Consumption and Production). For the Environment, topics like water management, climate change, and biodiversity protection align with SDGs 6 (Clean Water and Sanitation), 13 (Climate Action), and 15 (Life on Land). Under the Responsible Employer pillar, employee well-being, diversity, inclusiveness, and talent retention are linked to SDGs 3 (Good Health and Well-being), 5 (Gender Equality), and 8 (Decent Work and Economic Growth). Finally, the Committed Company area emphasizes partnerships and initiatives, contributing to SDG 17 (Partnerships for the Goals). — Rolex’s priority sustainability topics, aligned with the company’s key strategic areas and the corresponding United Nations Sustainable Development Goals.

Achievements in 2023

Since the creation of a Sustainability Strategy Committee in 2020 and the Impact and Sustainability Department, Rolex has strengthened its commitments to sustainable development each year, with notable achievements in 2023.