Comfort watch and jewelry retailer Watches of Switzerland Group has revealed its participation in a pilot initiative funded by the UK government and spearheaded by an artificial intelligence (AI) firm to advance sustainability objectives. Sevva AI, a British company specializing in conservation judgment, is developing the tools for this project. The Swedish company, along with its retail brand partners such as Rolex and Patek Philippe, will utilize these AI tools to assess their conservation efforts and environmental, social, and governance (ESG) profiles. The project, supported by a $1 million grant and set to run until 2025, commenced earlier this month. The AI tools, expected to launch in April, will leverage data from partners and third-party reports, including those from organizations like WWF, to evaluate ESG performance.
These tools aim to streamline the ESG reporting process by offering a customized and fully automated solution, reducing the manual effort involved. Emanuela Vartolomei, the founder and CEO of Sevva AI, emphasized the importance of these AI tools in enhancing sustainability practices. Watches of Switzerland was selected as a key partner due to its robust ESG strategy, as highlighted in its ESG Partner Standards guidebook. The company’s ambitious greenhouse gas (GHG) reduction targets and commitment to achieving net-zero emissions by 2050 align with the project’s sustainability goals.
The collaboration between Sevva AI and Watches of Switzerland underscores the growing importance of sustainability in the luxury watch industry. Brian Duffy, CEO of Watches of Switzerland, noted the increasing consumer interest, especially among younger demographics, in sustainable practices. The utilization of AI tools is expected to enhance reporting accuracy and insights, driving better conservation outcomes.
While the project aims to boost sustainability efforts within the industry, it also raises awareness about the challenges faced by businesses in evaluating and improving their ESG performance. The incorporation of AI technology, as advocated by Vartolomei, is crucial for overcoming these challenges and driving meaningful change. Watches of Switzerland, a prominent player in the luxury watch market, recognizes the significance of sustainability in its operations and aims to lead by example.
In conclusion, the partnership between Sevva AI and Watches of Switzerland heralds a new era of sustainable practices in the luxury watch industry. By leveraging AI tools to enhance ESG reporting and performance, both companies are poised to set a precedent for environmental stewardship and innovation in the sector.
