One wears pink with intention. One wears pink to make a statement. It’s a color that unites TUDOR ambassadors under the brand’s Born to Dare ethos. From the jerseys of David Beckham’s Inter Miami CF to Jay Chou’s signature color, all the way to the emblematic color of the Giro d’Italia, pink represents the daring spirit of TUDOR partnerships.
That’s why TUDOR chose pink as the thematic color for its first sustainability report, to make a statement of intention. We are at the beginning of the long journey towards improving our business practices to be more environmentally and socially conscious. Pink boldly marks that commitment.
For any specific requests concerning the information contained in this report, please contact the Sustainability Department at the following address: sustainability@tudorwatch.com
Message from the executive committee
Since its foundation in 1926, TUDOR has embraced challenges as a driving force behind its activities –redefining product standards, pushing the boundaries of the watchmaking industry and exploring new frontiers. Today, this heritage is reflected in our signature, Born to Dare. This spirit is now joined by a new ambition, driven by our Executive Committee, to integrate the principles of sustainability into our business management, watch production and supply chain organization.
We are well aware that we have a real challenge ahead of us. This is just the beginning of our journey. But it also represents a genuine opportunity for us to move forward, evolve and develop new ways of operating, creating and manufacturing.
Like any industrial or commercial company, we cannot ignore our impact on the environment and on society, both locally and on a global scale. We must take a committed, socially responsible approach to these
issues. To this end, we have begun to organize our sustainability approach internally in order to accelerate awareness and demonstrate our desire to take action. This year, all our employees have received training on the issue, and we will be continuing our efforts to promote internal participation so that everyone can become a source of change.
We know that the road to sustainability is a long one, but it is also a process of continuous improvement to which we are now fully committed, while remaining mindful of our own commitment to quality.
With an initial assessment of our carbon footprint, carried out jointly with the Rolex Group, we have already made a significant stride forward this year. These findings will help us better understand where we can improve our processes and procedures, as well as how we can optimize our production resources. The aim is to rapidly establish a climate strategy and concrete measures to reduce our greenhouse gas emissions.
The launch in late 2023 of a CSR study, including a materials analysis, also marks a turning point in this global sustainability approach, as this step will help us formalize our goals and build a strategy and action plan to meet the challenges we face.
Without doubt, our supply chain will have a part to play in this process. Focusing exclusively on the assembly of our watches, we must of course examine the impact of our operations, but we must also go further, working together with our suppliers to explore ways of transforming our practices. Our aim is to make them both more socially responsible and more sustainable.
Eric Pirson, CEO of Montres TUDOR SA and Manufacture TUDOR SA, surrounded by members of the Executive Committee.
It is this commitment that today, more than ever, drives us forward as we continue to be the bold, pioneering brand envisioned by Hans Wilsdorf.
TUDOR is a Swiss watchmaking brand that produces mechanical watches with proven
reliability and unmatched value for money.
Its origins date back to 1926, when “The TUDOR” was first registered as a brand on behalf of the founder of Rolex, Hans Wilsdorf. His vision was to introduce a new watch brand that would offer the greatest technical quality at an affordable price. In 1946, he established Montres TUDOR SA, definitively rooting the brand in its heritage.
Today, TUDOR watches are renowned for their robustness and reliability. Out of 11 entries in the Grand Prix d’Horlogerie de Genève, the brand has been awarded nine times, including prizes for the best divers’ watches, sports watches and those offering the best value for money. The collection includes emblematic models such as Black Bay, Pelagos, 1926 and TUDOR Royal. Since 2015, TUDOR has also offered models with mechanical Manufacture Calibres
with multiple functions and superior performance compared to industry standards. In terms of design, TUDOR watches boast a high level of attention to detail, a certain aesthetic boldness, particularly in the use of materials, and a sense of continuity with its historic models.
The backbone of TUDOR is its heritage and its products. This is expressed in its «Born to Dare” signature. The motto reflects the spirit of the brand, focusing on innovation, product quality and personal achievement. Through it, TUDOR tells the adventures of individuals who have achieved the extraordinary on land, in the air, underwater and on ice, with a TUDOR watch on their wrists. It also refers to the vision of Hans Wilsdorf, the founder of TUDOR, who manufactured TUDOR watches to withstand extreme conditions, watches made for the most daring lifestyles. The “Born to Dare” signature also speaks of TUDOR’s pioneering approach to watchmaking, with innovations that have become essential watchmaking benchmarks. Finally, the motto also underpins TUDOR’s values, the cornerstones of its corporate culture: tradition and innovation, human achievement and excellence.
Today, the “Born to Dare” spirit is embodied by a large family of top international ambassadors, including David Beckham, Jay Chou, Cheng Yi, Fabian Cancellara, Nic Von Rupp, Morgan Bourc’his, Sarah Hirini and Beauden Barrett. It is also present in numerous sporting partnerships supported by TUDOR, such as the TUDOR
Pro Cycling Team; the Swiss challenger for the America’s Cup, Alinghi Red Bull Racing; the Visa Cash App RB Formula 1 team; the Inter Miami CF football club; and New Zealand rugby through its national men’s (All Blacks) and women’s (Black Ferns) teams. They all have one thing in common: their success is based on innovation in their respective fields.
TUDOR is present in Switzerland in a number of key towns and cities, with numerous points of sale in emblematic locations such as: Geneva, Zurich, Basel, Lausanne and Bern, as well as Crans-Montana, Verbier, Zermatt, Gstaad and Saint-Moritz.
In Geneva, TUDOR has its own boutique, and its watches are sold in numerous stores. The city is also home to the brand’s headquarters.
In Le Locle, the TUDOR Manufacture has entered a new era of watchmaking, concentrating all its production operations in a single building constructed between 2019 and 2022. Dedicated to the operational management, assembly and performance testing of watches, the TUDOR Manufacture extends over four floors and shares its premises with the Kenissi Manufacture, the industrial
entity created by TUDOR to produce its own movements.
Worldwide, the brand operates on every continent through a vast network of affiliates, service centres and retailers.
TUDOR has established an agile industrial model, vertical for the production of movements and horizontal for external watch parts, to ensure the highest degree of reliability for the components that make up its mechanisms while maintaining maximum flexibility. Thanks to the Kenissi Manufacture and a network of companies controlled by TUDOR, the brand has been able to verticalize the development and production of high-performance mechanical movements. This means that TUDOR can fully control its production of strategic components and guarantee their quality. When it comes to external parts, the company relies on a selection of suppliers and partners who give it the flexibility and creativity it needs to manufacture its products.
Key figures
Points of sale in the world, spread across approximately one hundred countries
Points of sale in Switzerland Number
Production space at the Manufacture in Le Locle.
As full members of the Rolex Group, the two companies behind the TUDOR brand have the following corporate names: Montres TUDOR SA, for the administrative site in Geneva, and Manufacture TUDOR SA, for the production site in Le Locle. The Hans Wilsdorf Foundation is the sole shareholder of the Rolex Group.
The history of TUDOR is closely linked to that of Rolex, as these two exceptional brands were founded by the same man: Hans Wilsdorf.
After creating the Rolex brand, the visionary entrepreneur soon came up with the idea of adding a complementary brand aimed at the premium market, enabling as many people as possible to benefit from Rolex’s innovations and technical advances. And so, the TUDOR brand was born.
Registration of the TUDOR brand in Hans Wilsdorf’s name and launch of the first TUDOR watches.
Creation of the Montres TUDOR SA company.
TUDOR begins designing and manufacturing its own movements.
Presentation of the first TUDOR Manufacture Calibre at Baselworld.
Launch of the TUDOR Oyster Prince, the brand’s first waterproof watch with a self-winding system via rotor.
The brand’s first divers’ watch, the TUDOR Oyster Prince Submariner, reference 7922, waterproof to 100 meters.
The brand’s first chronograph is launched under the name TUDOR Oysterdate Chronograph.
TUDOR creates Manufacture Kenissi SA to develop and produce its own movements and thus forge industrial partnerships.
Commissioning of the Le Locle production site, which also houses the Kenissi production teams.
DEVELOPMENT OF THE BRAND’S SUSTAINABILITY STRATEGY.
Supported by the brand’s highest executive body, TUDOR’s sustainability strategy was formalized in 2023 with the creation of a dedicated department.
During its first year of operation, the team set itself a number of objectives: getting employees on board by raising awareness, defining a traceability system for the brand’s own gold and, finally, taking part in a project to calculate the group’s carbon footprint and draw up its diligence and transparency report.
Management seminar on sustainability and environmental issues
Validation of the gold traceability model
MyCO2 carbon footprint calculation session for teams in Geneva and management in Le Locle
Climate Fresk workshop for teams in Geneva and management in Le Locle
A first major step was also taken in 2023 with the launch of a CSR study, which serves as the starting point for developing a sustainability strategy and roadmap.
This year, several key events have marked TUDOR’s journey towards sustainability. Most were dedicated to raising awareness
Calculation of TUDOR’s carbon footprint
First purchase of gold according to the TUDOR model.
Submission to the Science-Based Targets Initiative (SBTi) of Rolex and TUDOR’s targets for reducing the Group’s greenhouse gas emissions by 2030
In late 2023, TUDOR launched a CSR study with the aim of initiating a dialogue with its stakeholders, determining its material challenges and analyzing its performance in terms of sustainability. This will allow TUDOR to establish a coherent sustainability strategy tailored to the challenges and opportunities associated with its field of activity.
The first step of the study involved an in-depth analysis of documentation to review practices, combined with dedicated monitoring of the watchmaking sector. This initial assessment, carried out by an external partner, made it possible to cross-reference sustainability requirements with those of TUDOR in order to define which were significant for the brand. In parallel, TUDOR has also mapped its stakeholders.
EMPLOYEES
GENÈVE AND LE LOCLE
BOARDS OF DIRECTORS
DIRECT MARKETS RETAILERS AND TUDOR BOUTIQUES
EXECUTIVE COMMITTEE
With a view to carrying out a materials analysis in 2024, a questionnaire based on the central themes of ISO 26000 has been drawn up for submission to the brand’s stakeholders. This advisory process will enable TUDOR to identify and prioritize its sustainability challenges based on the expectations of its stakeholders and taking into account, in particular, its most significant impacts on the economy, the environment and society. The results of this analysis will be used to lay the foundations of TUDOR’s sustainability strategy and establish a concrete action plan.
TUDOR is fully autonomous in the management of its industrial and commercial affairs, as well as in the development and implementation of its sustainability policy.
However, as a group, and for the sake of efficiency, the brand uses existing structures and policies. It also pools some of its responsibilities.
As part of this process, the brand has set up joint governance bodies with the Rolex Group to ensure that projects, such as the carbon footprint study or meeting the legal requirements of the DDTrO (Ordinance on Due Diligence and Transparency in relation to Minerals and Metals from Conflict-Affected Areas and Child Labour), are applied across the board. It does, however, undertake certain tasks alone that are specific to its business model, such as purchasing gold.*
Sustainability governance took a significant step forward in 2023 with the creation of a department dedicated exclusively to integrating sustainable development issues across the company. The company has also taken steps at all levels to ensure the stee-
ring, management and implementation of its corporate social responsibility (CSR) strategy, which is currently being formalized. At the heart of the ecosystem, the Sustainability Department ensures that the strategy advocated by management is fully integrated in order to generate support among employees. It also works closely with various Rolex bodies responsible for sustainability and related issues.
In late 2023, the Executive Committee launched a project to optimize TUDOR’s sustainability governance. The scheduled adjustments will be rolled out in 2024
Sustainability Department
Comprising a manager and a project manager, the TUDOR Sustainability Department is part of the Rolex Group’s global sustainability strategy. It helps to ensure that CSR issues are taken into account in the company’s strategy and ensures that the brand’s business practices are compliant.
Led by the Head of Supply Chain, who reports to the Executive Committee, this department will be further expanded in 2024 with the opening of an additional post to lead new projects.
The Sustainability Department Head is a member of the Rolex Group’s Sustainability Steering Committee.
Leadership seminar
The members of TUDOR’s management team have decided to meet for one day a year to discuss sustainable development issues.
The aim is to understand, deepen knowledge, debate and prioritize actions to be implemented within the organization. In 2023, the first seminar was devoted to environmental issues, a theme addressed through a Climate Fresk workshop and the MyCO2 carbon footprint measurement tool. It was a positive experience that management decided should be extended to all the brand’s employees, who will follow the same programme between 2023 and 2024. In 2024, the seminar will focus on social issues, exploring the themes of inclusion and diversity, in particular.
In terms of business ethics, the Rolex Ethics & Compliance Department defines the due diligence strategy and oversees risk management for the entire group. As part of this role, it coordinates the drafting of the DDTrO report, conducts supplier audits in line with relevant risk analyses, monitors developments and manages training in relation to regulatory changes. To guarantee better risk control, the department carries out its work impartially, independently of the objectives of each group entity.
Traceability governance is carried out by TUDOR’s Purchasing and Supply Department, which works directly with corresponding group bodies to guarantee the compliance of their activities. The brand is currently developing guidelines to establish a purchasing policy specific to its business model. This policy, which will standardize practices across the company, will be rolled out in the near future.
Documents and tools for stakeholders
Sustainable Development Charter
TUDOR has published a Sustainable Development Charter for its partners and suppliers, encouraging them to adopt an ethical attitude and implement concrete social, environmental and governance measures. By signing this document, partners and suppliers assure the brand that they are voluntarily pledging to respect the principles of sustainability in their practices.
To date, the Charter has been signed by 70% of TUDOR’s suppliers, representing 95% of the brand’s purchasing expenditure, and each new member of the panel is required to sign. The aim is for all partners and suppliers to have signed by 2024
Code of Conduct
Drawn up in 2023 and rolled out to all group employees in 2024, the Code of Conduct sets out principles and best practices relating to corruption, conflicts of interest and fair competition. It also promotes a healthy and stimulating working environment and invites everyone to play their part in protecting the environment. This document is part of the brand’s sustainability strategy. All TUDOR employees undertake to abide by it.
Alert system
TUDOR has an alert system on its website (tudorwatch.com) which allows all stakeholders to report any justified doubt regarding potential or actual harmful effects related to the respect for human rights and basic liberties, protection of the environment and sound governance. All reports are treated confidentially and securely.
To guarantee data protection and prevent cyber attacks, TUDOR has implemented appropriate security measures to prevent accidental loss, unauthorized use or access, and any modification or disclosure of personal data.
It is important to note here that, with the exception of its after-sales service activities, the brand has no direct access to its end-customer data. TUDOR respects the right to privacy and is committed to protecting personal data in accordance with the law.
The brand’s privacy policy can be viewed on its website (tudorwatch.com).
Designed to be reliable over the long term, TUDOR watches embody
the
very principle of longevity.
This not only entails extremely thorough quality control, but impeccable after-sales service. Added to this now is an ever-greater determination to monitor practices within the brand’s supply chain and thoroughly analyze the best ways to optimize its products.
In the past as in the present, TUDOR’s focus on quality has been perfectly in line with the perpetual quest for excellence instilled by its founder, Hans Wilsdorf. From the very first models, his aim was to create the most robust, reliable and precise watches possible. Evidence of this quest for quality can be found in the particularly extensive tests carried out in the early 1950s, when the durability of the watches was demonstrated, for hours on end and in extreme conditions, on the wrists of miners, explorers, stone-cutters, divers and even racing drivers.
Nearly a century later, nothing has changed in this respect. The numerous awards won by the brand’s models over the last ten years – particularly at the Grand Prix d’Horlogerie de Genève (GPHG) – are the perfect illustration of this. They include the prize for the best divers’ watch at the 2022 GPHG and the prize for the best sports watch at the 2015 and 2023 GPHGs.
Before being made available for sale, each watch undergoes ten days of testing at an in-house laboratory. This enables the brand to analyze potential malfunctions, consider future developments and optimize processes as part of a continuous process of improvement.
To ensure the long-term reliability of TUDOR products, the brand’s Manufacture calibres must obtain “Certified Chronometer” status, awarded by the Official Swiss Chronometer Testing Institute (COSC). For certain models, Master Chronometer certification, issued by METAS, is required. Ultimately, the brand’s aim is for its entire collection to be COSC- and METAS-certified.
Quality at the service of watch longevity
Certified Chronometer (COSC)
The Official Swiss Chronometer Testing Institute (COSC) is responsible for independently certifying the precision of Swiss watches. This certification body awards the title of “Chronometer” to watches whose movements pass the required high-precision tests. This title guarantees not only the extreme quality of the product, but the expertise applied throughout its production chain.
Master Chronometer (METAS)
Master Chronometer certification from the Swiss Federal Institute of Metrology (METAS) covers the main functional characteristics of a watch including precision, resistance to magnetic fields, waterproofness and power reserve. Its standards are incredibly high, starting with precision. In order to qualify, a watch must be able to function within an extremely narrow range of variation (lower than the COSC standard). The certification also guarantees the timekeeping accuracy of a watch subjected to extreme magnetic fields of 15,000 gauss. Finally, it also guarantees the waterproofness, as well as the power reserve claimed by the manufacturer.
TUDOR’s after-sales service draws on the group’s network of affiliates and service centres, spread across approximately one hundred countries. It is responsible for resolving technical problems and for servicing. Backed by quality that exceeds industry standards, TUDOR offers a fiveyear guarantee for its entire collection of watches. The brand recommends having its timepieces serviced every ten years, depending on the model and the extent of its use on a day-to-day basis.
TUDOR’s supply chain management reached a turning point in 2023. The brand, which previously purchased its gold and diamonds in close collaboration with the Rolex group, has now set up its own model to operate independently in these two specific markets.
Concentrating primarily on the assembly of its products, the brand is responsible for working closely with its suppliers, especially those that supply it with finished and semi-finished products, as well as Kenissi, which manufactures the movements for its watches. Since 2023, the brand has also required its partners to sign its Sustainable Development Charter, ensuring best practices in environmental and social matters are shared and aligned.
As regards gold, the brand currently has a mix that includes bank gold and recycled gold. It obtains its supplies from Swiss refiners, whose activities are supervised by the London Bullion Market Association (LBMA). As the traceability of bank gold cannot be guaranteed by financial institutions, TUDOR undertakes to reduce the proportion of its purchases in favour of recycled gold. Recycled gold is made from pre-consu-
mer waste – i.e., industrial waste – and post-consumer waste – from old works of art or jewellery, for example. Collecting this type of waste requires rigorous due diligence on the part of refiners. TUDOR supports this approach by increasing the price per kilo of fine gold delivered. Ultimately, TUDOR’s aim is for its refiners to be able to guarantee the digital and physical traceability of the gold they supply.
It should be noted that in early 2024, the Executive Committee was made aware of the issues surrounding the purchase of gold during a masterclass led by refiners. As for other materials, the brand is in the process of drawing up a precise map of its supply chain in order to analyze its social and environmental impact, particularly with regard to steel and titanium. This process, overseen by the purchasing and supply team, is ongoing.
For diamond purchases, which, like gold, are handled directly, the brand adheres to the same policy as the Rolex Group. Today, 100% of the diamonds TUDOR uses are certified by the Kimberley Process, which ensures that the purchase of rough diamonds is not associated with any conflict zones.
TUDOR has a 100% declarative traceability system which lists the countries in
which the diamonds are extracted and cut. It should be noted that the brand does not buy coloured gemstones to date.
In accordance with the Ordinance on Due Diligence and Transparency in relation to Minerals and Metals from Conflict-Affected Areas and Child Labour (DDTrO), TUDOR monitors the risks associated with gold, tungsten, tantalum and tin. In 2023, TUDOR joined forces with the Rolex Group to satisfy this new legal requirement by mapping at-risk suppliers and planning audits to verify if certain practices have been established. Analysis and monitoring are carried out using a risk matrix and a risk mitigation plan drawn up by the group. The brand also uses its Sustainable Development Charter to ensure that its partners adhere to the principles of the DDTrO, as well as to those of European Union Regulation 2017/821 and the Organisation for Economic Co-operation and Development (OECD) Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas (2016/Third Edition). Any justified concerns about failings in relation to these matters can now be communicated via an alert system on the brand’s website: tudorwatch.com.
Number of partners who signed the TUDOR Sustainable Development Charter by the end of 2023. This figure is equivalent to 70% of the suppliers on the panel, which represents 95% of the brand’s purchasing expenditure. Every new partner is required to sign.
57% 43% 75% 25%
Proportion of bank gold received in 2023, compared to
Proportion of recycled gold received in 2023, compared to in 2022. in 2022.
In terms of sustainable design, the brand is making headway. Although this principle has not yet been systematically incorporated into the company’s organization, some projects are already factoring sustainability criteria into their development, whether in terms of products or services.
For example, over two years ago, the company launched a project to replace the various components of the brand’s watch presentation boxes with more sustainable materials. Paper, cardboard, water-based glue and recycled fabric have replaced plastic, felt and metal, all while maintaining the same aesthetic.
This next-generation presentation box, finalized in September 2023, is half the weight of its predecessor and is currently undergoing a life-cycle analysis to assess the sustainability of the concept.
Composition of the old packaging
Composition of the eco-responsible packaging
ENVIRONMENTAL STRATEGY
Environmental strategy
Protecting the environment and its resources is a major concern for citizens and companies alike, and one that TUDOR takes very seriously. That’s why, in 2023, the brand made a commitment to reduce its greenhouse gas emissions.
Beyond this step, it must now work with its partners throughout the supply chain to establish best practices and ensure the sustainable and socially responsible management of its activities, particularly in regard to water management, air pollution and biodiversity.
To take concrete action against global warming, TUDOR calculated its carbon footprint in 2023 in order to establish precise greenhouse gas reduction targets and identify measures to achieve them in the medium term. Undertaken in conjunction with
Rolex for 2023 and retroactively for 2022 and 2021, this initial assessment follows the GHG Protocol and uses the ecoinvent database. For the years 2022 and 2023, 95% of the data is primary – and therefore particularly accurate –while 5% is monetary. The year 2021 serves as a reference for the joint submission of targets together with Rolex to the Science Based Targets initiative (SBTi).
TUDOR’s carbon footprint in 2022 and 2023 is dominated by
Year 2022
Year 2023
The results of the carbon footprint calculation all point to the same conclusions: raw materials, with gold at the top of the list, are the brand’s main source of indirect emissions (scope 3). It should also be noted that the energy mix of the group’s affiliates and boutiques abroad has the greatest impact in terms of emissions due to the consumption of heat and electricity (scope 2). In fact, this mix is mainly non-renewable in origin, unlike that used in Switzerland. Its impact, however, remains relatively low in terms of the brand’s overall footprint. Finally, the direct emissions emitted by the company (scope 1) can be considered to be under control.
In addition to the issue of raw materials, TUDOR has room for improvement in many areas of scope 3, such as transport, particularly air freight, as well as sustainable design and the production of promotional materials. The brand is also aware that it has a role to play earlier in the supply chain. The sustainability strategy will therefore also need to outline its commitment in regard to its suppliers. It should be noted that the results for 2022, the year in which the Le Locle Manufacture began operating, include
all of the emissions resulting from the construction of the building. The methodology used for the calculation requires that this 7.54% impact be accounted for in a single year.
The calculation of emissions linked to the acquisition of gold is based on the following assumption. As it is unable to establish the precise traceability of the bank gold used in its production, TUDOR has decided to adopt a prudent approach by using the factor applied to industrial mining gold, i.e., the highest factor.
The proportion of recycled gold is based on a standard factor. That being said, gold, like diamonds, represents a priority area of improvement for the brand’s future roadmap.
The difference in annual greenhouse gas emission trends can be explained as follows: the sharp rise observed between 2021 and 2022 is mainly due to an increase in sales and quantities of gold received; it is also attributable, as previously stated, to the additional of the total carbon footprint of the Le Locle building. The removal of this footprint from the 2023 assess-
ment partly explains the reduction in emissions for that year. This reduction is also due to an increased proportion of recycled gold in the mix of gold received, which emits less CO2
KTONNES CO2e
TUDOR CARBON FOOTPRINT EVOLUTION
Reducing our carbon footprint by 2030
The Science Based Targets initiative (SBTi) is a globally recognized standard that encourages companies to set CO2 reduction targets in order to keep the rise in global temperatures below 2°C, as required by the Paris Agreement.
TUDOR is committed to this initiative together with Rolex, and in late 2023 submitted precise objectives to the organization, which were approved.
TUDOR’s 2030 targets for reducing absolute emissions, based on 2021 levels:
- Scopes 1 and 2: - 42%
- Scope 3: - 25 %
In total, with all scopes combined and based on 2021 levels, TUDOR will reduce its total emissions by 25% before 2030
In terms of energy efficiency, the brand’s administrative facilities in Geneva should also be distinguished from its production site in Neuchâtel.
The TUDOR premises in Geneva are part of the Rolex Acacias complex and are therefore directly managed by Rolex. The site has recently been awarded BREEAM In-Use certification, however, ensuring sustainable water management and energy supply. As such, the group has adopted a two-pronged policy to both develop alternatives to fossil fuels by 2030 (including natural gas) and ensure that every kilowatt-hour distributed and consumed is used efficiently.
In Le Locle, the recently commissioned Manufacture building has carried the Minergie label since 2022. The site is currently being audited for BREEAM In-Use certification.
As geothermal energy is not an option on this site, heat production is provided by a pellet-fired boiler fuelled by wood from the Jura region, which ensures a short supply chain. The building is equipped with solar panels that cover 17% of its electricity needs. For the remaining 83%, the electricity contracts signed with the local energy
supplier guarantee a renewable source. Although the complex is still new, Le Locle teams are looking to optimize the building’s energy consumption.
It should be noted that the complex is also equipped with large windows that automatically adjust the balance of natural light, thus regulating energy consumption.
844 M2
surface area of solar panels installed at the Le Locle site
129 068 kWh
annual production of solar panels, i.e. 17% of the electricity consumed in 2023, throughout the entire le locle building
* Figures for Le Locle Manufacture only
A transport plan, rolled out in 2021 and expanded in 2022 to all Rolex Group sites in Geneva, has been beneficial for TUDOR employees. With measures in place to encourage the use of more environmentally friendly forms of transport – contributions towards public transport passes, subsidies for bicycle purchases, support for carpooling and the introduction of a paid parking system for single-occupancy vehicles – 67% of TUDOR employees used soft mobility solutions and public transport in 2023. A mobility management application has been made available to all Geneva staff. In Le Locle, a project adapted to the specific location of the Manufacture is currently under development.
Soft mobility/public transport
Single-occupancy vehicles
Supporting local biodiversity
The renaturalization of a local stream and the repositioning of a biotope on the Le Locle site were two major environmental measures taken by the brand as part of the construction of its new Manufacture. In conjunction with the Municipality, the Canton and the Confederation, TUDOR’s project has enabled the Bied, a stream that was canalized in the 1970s, to be uncovered along its parcel of land.
This 150-metre renaturalization project was accompanied by the redevelopment of a wetland to accommodate a biotope present on the site. This habitat, which includes a pond, is now home to several species of amphibian, including one at risk: the grass frog.
Carried out with local partners, these two projects have been designed to fit in with the site’s landscape, which is made up of wild meadows and
endemic species that require very little maintenance.
TUDOR produces little waste within its facilities. As the company’s business model focuses exclusively on watch assembly, it does not include the machining of components. The Manufacture therefore generates no production waste or special waste. This explains the low volumes of water and energy consumed compared to other industrial facilities carrying out machining activities. However, this does not absolve the brand of its responsibilities. It must still ensure that its suppliers have a sustainable framework for managing the impact of their production (equipment cleaning, water and oil treatment, etc.). To this end, TUDOR is aiming to initiate discussions with its suppliers in the short term in order to set up monitoring and continuous improvement processes.
The small amount of waste produced by the Manufacture (paper, cardboard, metals, batteries, plastic, glass, etc.) is processed by a local partner specializing in waste recovery and recycling, as well as by the Mu-
nicipality of Le Locle. The containers used to transport components follow a closed circuit. They are cleaned after use and then reintroduced into circulation. As for the food waste processing chain, it is the same for the entire group. Employees are also encouraged to recycle as much of their standard waste as possible (paper, PET, tinplate, etc.) and take good care of their equipment so that it lasts as long as possible, especially electronic equipment.
It should be noted that during the 2023 financial year, no air or water pollution was observed at any of TUDOR’s sites.
As a people-centred company, TUDOR has always placed its employees at the heart of its concerns.
As a result, the brand is committed to offering them the best possible working conditions and favours an agile mode of operation to guarantee maximum flexibility in the highly competitive market in which it operates. TUDOR is also committed to its community in Switzerland and supports social and environmental initiatives internationally.
The social benefits the brand offers are designed to ensure the well-being of its employees and attract new talent. These include flexible working hours (flexitime, part-time and teleworking), an agile, high-quality working environment, social protection that goes beyond the legal minimum and advantageous retirement plans.
In Geneva, employees also have access to subsidised company restaurants. As for the new Le Locle Manufacture, it subsidises meals and offers a canteen through its service providers that uses locally sourced products. All of these measures are particularly valued among employees, as demonstrated by
a satisfaction survey conducted at the production site in 2023.
As a signatory to the Swiss Collective Labour Agreement on Microtechnology and Watchmaking, TUDOR regularly meets with the unions to discuss social advances such as the introduction of an allowance indexed to the rise in the cost of living.
The working environment in which TUDOR teams operate has been designed to prioritize the health and safety of its employees. In addition to procedures adopted to limit the risks associated with each profession, the Le Locle Manufacture has an on-site nurse and an occupational physician with expertise in ergonomics. As for the Geneva site, it follows the framework established by the Rolex group and, in the event of an incident, relies on the same processes to adapt existing security concepts as necessary.
To further improve the company’s efforts in this area, health and safety teams also focus on prevention. For example, an awareness campaign about psychosocial risks has been planned for management in 2024. A trusted and independent external partner is also available to deal with any harassment issues within the company.
TUDOR prioritizes the personal and professional development of its employees. By ensuring that its workforce is as employable as possible, the brand boosts its competitiveness and, by the same token, its appeal. TUDOR does everything in its power to enable its employees to develop their skills, take
on responsibilities and pass on their expertise.
Continuing professional development is one of the cornerstones of this policy. This is implemented both in the Manufacture’s workshops and at the Rolex Training Centre in Geneva. Geneva employees can also use a digital platform to manage their training. Known as ‘PERLE’ – short for Perpetual Learning –it provides access to distance learning courses as well as so-called ‘hybrid’ courses, delivered both face-to-face and online. At Le Locle, the company has introduced a multi-skilling system for final assembly activities, with training units to encourage the development of skills. Manufacture teams can also use the group’s Training Centre in Geneva for specific training courses.
This system is designed to provide a springboard for career development. Opportunities for development and internal mobility are among the topics discussed during annual performance reviews, organized between members of staff and their respective managers. In this context, progression within the company can also mean expanding or amending a role. This is particularly true within the Manufacture.
Since 2021, opportunities for internal mobility are on the rise within the group, depending on the capabilities and aspirations of the employees affected by the relocation of production from Geneva to Le Locle.
Following the opening of the Le Locle Manufacture in 2022, HR’s current objective is to retain employees involved in production activities. The brand also intends to open apprenticeship positions from August 2025 to prepare the younger generation for watchmaker and watchmaking operator professions.
Key figures
The number of employees in Switzerland, including 150 in Geneva and 150 in Le Locle
TUDOR’s donation policy prioritizes the regions in which the brand operates. This usually takes the form of anonymous financial or in-kind support for local associations or initiatives in the fields of culture, sport, the environment or society. In Le Locle, for example, the brand is helping to maintain the infrastructure of a local ice rink.
The proportion of women and men in the company
Percentage of men and women in executive and middle management
53% | 47% 82% | 18% 38 years old
The average age of employees in Switzerland
Raising internal awareness of environmental issues
Climate Fresk
In 2023, TUDOR launched a major campaign to raise awareness of sustainability issues among its employees. The first step in this process was to organize Climate Fresk workshops for all Geneva teams and for the management team in Le Locle in order to deepen understanding of the causes and consequences of climate change. The aim of this collective intelligence exercise is also to encourage teams to consider actions that can be taken at both a personal and professional level.
By the end of 2024, all TUDOR employees, without exception, will have participated in the Climate Fresk. There are also plans to extend this workshop to Kenissi, which supplies TUDOR movements, by 2025
MyCO2
Continuing in its efforts to raise awareness, TUDOR has also invited its employees to consider greenhouse gas emissions by measuring their own carbon footprint using the MyCO2 platform. This tool, based on a recognized scientific methodology, can be used to assess areas of personal improvement in order to move closer to the goal of 2 tonnes of CO2e per year by 2050, pursuant to the Paris Agreement.
The aim is to pool efforts in order to limit the rise in temperature to between 1.5°C and 2°C.
PhilanthropySarah Hirini Foundation
TUDOR’s philanthropic involvement pursues the same objectives as its donation policy, except that it is also carried out internationally.
To strengthen its impact, this engagement can sometimes be supported by the role of an ambassador. This is particularly true of the partnership beginning in 2024 with the Sarah Hirini Foundation, created by one of New Zealand’s greatest rugby players, an ambassador for the TUDOR brand and a long-standing supporter of women’s sport. The aim of this foundation is to invest in her country’s
disadvantaged neighbourhoods, bringing rugby to women in order to explore the place of women in society and support the emergence of a new generation free from gender discrimination.
In defining its sustainability strategy, TUDOR has made an important commitment this year that paves the way for new opportunities.
Its ambition is now to gather momentum by drawing up a roadmap and a concrete action plan. In order to implement the key aspects of this new project, the brand will draw on the materials analysis carried out with the vast majority of its stakeholders in late 2023 to define a strategy and precise areas of improvement.
The measures taken by TUDOR in the short and medium term will affect all areas of activity, especially the supply chain, with the aim of improving knowledge about the origins of the raw materials used in the composition of its watches, as well as in terms of sustainable design (product and non-product).
The carbon footprint findings, calculated over three consecutive years, also mark an important step forward, as they will enable the brand to optimize practices at different levels and make them more socially responsible,
whether in terms of energy efficiency, precious metals sourcing, manufacturing processes or transportation.
Targets for reducing greenhouse gas emissions have also been set.
By 2025, TUDOR also aims to broaden its focus and take into account water management and biodiversity protection issues throughout its supply chain.
The involvement of our teams and partners will undoubtedly be a key factor in the success of this sustainability initiative. An initial step has already been taken to engage employees by raising their awareness of the major environmental challenges facing us today.
This work will continue and expand to ensure that everyone is working towards the common goal shared by all of the brand’s stakeholders: to continue designing and producing reliable, durable watches in an increasingly ethical and sustainable manner.
