Tapestry, Inc. (NYSE: TPR), a house of iconic accessories and
lifestyle brands consisting of Coach, Kate Spade, and Stuart
Weitzman, today released its Fiscal Year (FY) 2023 Corporate
Responsibility (CR) report, outlining the company’s progress and
efforts towards key environmental, social and governance (ESG)
goals in the past fiscal year.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240131704174/en/
Coachtopia's Ergo bag on the cover of
Tapestry's FY2023 Corporate Responsibility Report (Graphic:
Business Wire)
“At Tapestry, we believe that sustainability is a business
imperative. Our actions help us maintain a growing business with a
reliable supply chain, and we know both customers and employees
want to engage with companies whose values align with their own,”
said Joanne Crevoiserat, Chief Executive Officer of Tapestry,
Inc.
The Fabric of Change, Corporate Responsibility
Strategy
Over the last year, Tapestry has continued to work toward a
future that is both beautiful and responsible through its corporate
responsibility strategy, the Fabric of Change. The report
highlights the evolution of the purpose-led framework, which was
introduced last year.
The Fabric of Change is Tapestry’s strategy for meeting the
company’s commitments and goals in four key areas: people, planet,
products and communities. The strategy is grounded in the belief
that every beautiful choice can be a responsible choice.
In FY2023, Tapestry progressed the framework to meet the
changing needs of the business, including the addition of a fourth
pillar, “Create Products with Care.” The new pillar focuses on
advancing material innovation, circularity and making more
responsible finished goods.
Highlights from Tapestry’s report include:
People
- Joined the Inclusion Works coalition of more than 100
Disability:IN corporate partners to further the journey of
understanding and meeting the needs of associates, consumers and
community members with disabilities.
- Expanded the Employee Business Resource Group (EBRG) membership
network by 30% in FY2023. Tapestry’s EBRGs now include six formal
groups and three taskforces, and which serve to bring employee
voices together into the channels where they contribute to all four
pillars of Tapestry’s Equity, Inclusion and Diversity framework –
talent, culture, community and marketplace.
Planet
- Procured renewable energy for 80% of Tapestry’s global retail,
offices and fulfillment centers and advanced efforts toward meeting
the company’s renewable energy goal by entering into a 15-year
Impact Renewable Energy Certificate agreement with Pivot Energy in
Illinois and the launch of the Fashion Pact’s Collective Virtual
Power Purchase Agreement (CVPPA), which commits to accelerating
renewable electricity adoption by investing in new clean energy
infrastructure.
- Announced a new Environmental Sustainability Framework for our
suppliers, which will streamline Tapestry’s sustainability strategy
and provide more direct support to supply chain partners, to help
improve their environmental performance.
Products
- Celebrated the launch of a new sub-brand, Coachtopia, with a
mission to accelerate the transition toward a circular
economy.
- Sourced over 90% of the company's leather from Gold- and
Silver-rated LWG tanneries, achieving our 2025 goal two years ahead
of schedule.
Communities
- Achieved the 2025 goal of donating $75 million in product and
financial contributions globally two years early.
- Completed 82,300 hours of global employee volunteering, a 60%
increase over FY2022 and putting Tapestry over one-third of the way
to the company’s goal of 500,000 hours by 2030.
“Tapestry’s purpose is enduring: we stretch what’s possible
every day, through our values as well as through our business
ambitions,” said Ms. Crevoiserat. “We’ll continue to forge ahead
with this philosophy, driving positive impact in a world that’s
evolving faster than ever.”
The full CR report can be found on Tapestry’s website here.
About Tapestry, Inc.
Our global house of brands unites the magic of Coach, Kate Spade
New York and Stuart Weitzman. Each of our brands are unique and
independent, while sharing a commitment to innovation and
authenticity defined by distinctive products and differentiated
customer experiences across channels and geographies. We use our
collective strengths to move our customers and empower our
communities, to make the fashion industry more sustainable, and to
build a company that’s equitable, inclusive, and diverse.
Individually, our brands are iconic. Together, we can stretch
what’s possible. To learn more about Tapestry, please visit
www.tapestry.com. For important news and information regarding
Tapestry, visit the Investor Relations section of our website at
www.tapestry.com/investors. In addition, investors should continue
to review our news releases and filings with the SEC. We use each
of these channels of distribution as primary channels for
publishing key information to our investors, some of which may
contain material and previously non-public information. The
Company’s common stock is traded on the New York Stock Exchange
under the symbol TPR.
This information to be made available in this press release may
contain forward-looking statements based on management's current
expectations. Forward-looking statements include, but are not
limited to, the statements that can be identified by the use of
forward-looking terminology such as "may," "will," “can,” "should,"
"expect," “expectation,” “potential,” "intend," "estimate,"
"continue," "project," "guidance," "forecast," “outlook,” “commit,”
"anticipate," “goal,” “leveraging,” “sharpening,” transforming,”
“creating,” accelerating,” “enhancing,” “innovation,” “drive,”
“targeting,” “assume,” “plan,” “progress,” “confident,” “future,”
“uncertain,” “on track,” “achieve,” “strategic,” “growth,” “view,”
“we can stretch what’s possible,” or comparable terms. Future
results may differ materially from management's current
expectations, based upon a number of important factors, including
risks and uncertainties such as the impact of economic conditions,
recession and inflationary measures, the impact of the Covid-19
pandemic, risks associated with operating in international markets
and our global sourcing activities, the ability to anticipate
consumer preferences and retain the value of our brands, including
our ability to execute on our e-commerce and digital strategies,
the ability to successfully implement the initiatives under our
2025 growth strategy, the effect of existing and new competition in
the marketplace, our ability to control costs, the effect of
seasonal and quarterly fluctuations on our sales or operating
results; the risk of cybersecurity threats and privacy or data
security breaches, our ability to protect against infringement of
our trademarks and other proprietary rights, the impact of tax and
other legislation, the risks associated with potential changes to
international trade agreements and the imposition of additional
duties on importing our products, our ability to achieve intended
benefits, cost savings and synergies from acquisitions including
our proposed acquisition of Capri Holdings Limited (“Capri”), the
anticipated impact of the proposed acquisition of Capri on the
combined company’s business and future financial and operating
results, the anticipated closing date for the proposed acquisition
of Capri, the impact of pending and potential future legal
proceedings, and the risks associated with climate change and other
corporate responsibility issues, etc. Please refer to the Company’s
latest Annual Report on Form 10-K and its other filings with the
Securities and Exchange Commission for a complete list of risks and
important factors. The Company assumes no obligation to revise or
update any such forward-looking statements for any reason, except
as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240131704174/en/
Tapestry, Inc. Media: Andrea Shaw Resnick Chief Communications
Officer 212/629-2618 aresnick@tapestry.com Jackie Albano
646/656-9645 Director of ESG Communications jalbano@tapestry.com
Analysts and Investors: Christina Colone Global Head of Investor
Relations 212/946-7252 ccolone@tapestry.com
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