Tapestry, Inc Boosts Corporate Responsibility for Greater Environmental, Social, and Diversity Impact

Tapestry, Inc. (NYSE: TPR), the conglomerate comprising renowned lifestyle and accessory brands such as Coach, Kate Spade, and Stuart Weitzman, unveiled its Corporate Responsibility (CR) report for Fiscal Year (FY) 2023 today. The report encapsulates the company’s strides and initiatives towards pivotal environmental, social, and governance (ESG) objectives over the past fiscal year. Joanne Crevoiserat, the Chief Executive Officer of Tapestry, emphasized the integral role of sustainability in their business model, affirming that their actions contribute to a flourishing business with a resilient supply chain, aligning with the values sought by both customers and employees.

Corporate Responsibility Strategy: The Fabric of Change

Tapestry has steadfastly pursued a future that harmonizes beauty with responsibility through its corporate responsibility strategy, “The Fabric of Change,” evolving from a purpose-led framework introduced the previous year. This strategy focuses on four key areas: people, planet, products, and communities, rooted in the belief that every aesthetically pleasing choice can also be a responsible one.

In FY2023, Tapestry refined this framework to adapt to evolving business needs, introducing a fourth pillar, “Create Products with Care.” This new aspect is dedicated to advancing material innovation, circularity, and the creation of more responsible finished goods.

Noteworthy Achievements:

People:

  • Joined the Inclusion Works coalition, comprising over 100 Disability:IN corporate partners, to enhance understanding and meet the needs of associates, consumers, and community members with disabilities.
  • Expanded the Employee Business Resource Group (EBRG) membership network by 30%, including six formal groups and three taskforces, amplifying employee voices across Tapestry’s Equity, Inclusion, and Diversity framework.

Planet:

  • Procured renewable energy for 80% of global retail, offices, and fulfillment centers, progressing towards the renewable energy goal through a 15-year Impact Renewable Energy Certificate agreement with Pivot Energy and participation in the Fashion Pact’s Collective Virtual Power Purchase Agreement (CVPPA).
  • Introduced an Environmental Sustainability Framework for suppliers, streamlining sustainability strategy and offering direct support to supply chain partners.

Products:

  • Launched Coachtopia, a sub-brand with a mission to expedite the transition toward a circular economy.
  • Achieved the goal of sourcing over 90% of leather from Gold- and Silver-rated LWG tanneries, surpassing the 2025 target two years ahead of schedule.

Communities:

  • Surpassed the 2025 goal of donating $75 million in product and financial contributions globally, accomplishing it two years early.
  • Completed 82,300 hours of global employee volunteering, marking a 60% increase over FY2022 and progressing one-third towards the company’s 2030 goal of 500,000 hours.

Joanne Crevoiserat affirmed Tapestry’s enduring purpose, emphasizing their commitment to pushing boundaries daily through both values and business ambitions, driving positive impact in a world evolving at an unprecedented pace.

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