- Challenging macroeconomic environment in the UK in the second half of FY24, resulting in a 5% decline in UK and Europe revenue.
- High inflation and interest rates impacting UK consumer spending.
- Significant price increases from luxury watch brands due to the strong Swiss Franc.
- Reduction in overseas shoppers in the UK due to Brexit.
- Increased cost of Interest Free Credit due to annualization of interest rate rises.
The Watches of Switzerland Group PLC
Greenhouse gas emissions & sustainability report data
In its 2024 reporting, The Watches of Switzerland Group PLC disclosed greenhouse gas emissions of 163.9K tCO2e/year (total gross Scope 1 2 and 3). By scope: Scope 1: 235 tCO2e/year; Scope 2: 4.0K tCO2e/year; Scope 3: 163.9K tCO2e/year. Figures are as stated in the company's own report and may use different boundaries, units or methods (for example market-based vs location-based Scope 2), so compare with care.
GHG Emissions
163.9K tCO2e/year (total gross Scope 1 2 and 3)
2024
Renewable Energy
70% (Group)
of total energy
Waste
366 tons/year (total)
2024
Energy Use
16.5M kWh/year (Scope 1 and 2)
2024
📊 Emissions by Scope (2024)
| Scope | What it covers | Reported value |
|---|---|---|
| Scope 1 | Direct emissions from sources the company owns or controls (fuel combustion, company vehicles, process and fugitive emissions). | 235 tCO2e/year |
| Scope 2 | Indirect emissions from purchased electricity, steam, heat and cooling. | 4.0K tCO2e/year |
| Scope 3 | Other indirect emissions across the value chain (purchased goods, business travel, use of sold products, etc.). | 163.9K tCO2e/year |
New to scopes? Read Scope 1, 2 and 3 emissions explained and market-based vs location-based Scope 2.
📈 Emissions by Report Period
| Report period | Headline emissions figure reported |
|---|---|
| 2024 | 163.9K tCO2e/year (total gross Scope 1 2 and 3) |
| 2022 | 3.6K tCO2e/year |
| 2021 | 3.3K tCO2e/year (Scope 1 & 2) |
Each row is the headline figure extracted from a different report; scope coverage and methodology can change between years.
✅ Reported Environmental Achievements
- Reduced Group GHG emissions by 3.1% year-on-year
- Improved CDP Climate Change score from 'C' to 'B'
- Increased number of watches repaired, serviced, or resold by 2% (as a percentage of new watch sales)
- Expanded repairs and servicing capacity by almost 10,000 sq ft
- 92% of UK vehicle fleet EV or hybrid
- 31% of client home deliveries by EV vehicles
🎯 Climate & Sustainability Targets
🔜 Short-term
- Reduce Scope 1 and 2 GHG emissions by 50% and Scope 3 emissions by 42% by 2030 from a FY20 baseline
- Improve or maintain CDP Climate Change score year-on-year
- Year-on-year increase in the number of watches repaired, serviced or resold
- 50% of product suppliers aligned with relevant sustainability standards by 2025
- Own brand packaging fully recyclable by 2030
📅 Medium-term
- Achieve 100% renewable energy across the Group by 2025
🔭 Long-term
- Achieve net-zero GHG emissions by 2050
🌱 ESG Focus Areas
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