January 31, 2024 11:01 AM Eastern Daylight Time
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.
“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 isTapestry’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.
