January 31, 2023 11:01 AM Eastern Daylight Time
Company Evolves ESG Strategy, The Fabric of Change; Shares More Ambitious Goals to Accelerate Progress Toward 2030 Targets
NEW YORK, NY – January 31, 2023: Tapestry, Inc. (NYSE: TPR), leading New York-based house of iconic accessories and lifestyle brands consisting of Coach, Kate Spade, and Stuart Weitzman, today released its Fiscal Year (FY) 2022 Corporate Responsibility (CR) report, outlining the company’s progress and efforts towards key environmental, social and governance (ESG) goals in the past fiscal year. The release marks the company’s 10th report, offering an in-depth picture of how the business is addressing key ESG goals through innovation, creativity and inclusivity.
“Tapestry is on a journey to create a better-made future that is both beautiful and responsible,” said Joanne Crevoiserat, Chief Executive Officer of Tapestry, Inc. “Every day, our brands – Coach, kate spade and Stuart Weitzman – create extraordinary products for modern lives. This same approach is reflected in our work to weave together our ambitions as a business while working to protect the wellbeing of our planet, our people and our communities.”
Evolved ESG Strategy
The report introduces the Fabric of Change, Tapestry’s updated ESG strategy. The evolution from Our Social Fabric represents another step on the journey to create a values-driven, people-centered company that balances true fashion authority with meaningful, positive change. The Fabric of Change encompasses how Tapestry combines its market ambitions with commitments to combat some of the most pressing issues facing our company and our key stakeholders. Through this enhanced strategy, Tapestry is acting today to strengthen the business for the future.
As part of Tapestry’s updated ESG strategy, the company announced new goals to match its ambitions, including:
- New science-based targets submitted to the Science Based Targets Initiative (SBTi) for validation to reduce absolute Scope 1, 2 and 3 GHG emissions by 42.5% below FY2021 levels by FY2030 and achieve net-zero by 2050.
- Updated volunteering goal of 500,000 hours by 2030. This new target comes on the heels of Tapestry achieving its 2025 goal of 100,000 hours two and a half years ahead of schedule.
- New environmentally preferred material targets focused on key raw materials and manufacturing processes.
Highlights from the Report
- Increased percentage of renewable energy use to 67% across Tapestry’s own stores, offices and fulfilment centers.
- Decreased total GHG emissions across Scopes 1, 2 and 3 by 5% from FY2021 as the company works toward its new science-based targets of a 42.5% reduction by 2030.
- Introduced Tapestry’s plan to align 10% of annual incentive compensation for executives (vice president level and up) with the company’s progress against Equity, Inclusion & Diversity (EI&D) scorecard measures. In the last fiscal year, Tapestry has increased BIPOC representation at the senior leadership level by 1.6% and made progress on cultivating a culture of inclusion.
- Launched a $3 million four-year partnership between the Tapestry Foundation and World Wildlife Fund (WWF) designed to accelerate the development of an industry-wide standard to certify deforestation and conversion-free (DCF) leather originating from Brazil as part of Tapestry’s commitment to transparency and supply chain traceability.
- Supported the founding of the Fashion Institute of Technology’s Social Justice Center (SJC) with financial investments from the Tapestry Foundation, establishing a first-of-its-kind higher education initiative to increase opportunity and accelerate social equity within the creative industries for the BIPOC community.
Tapestry’s FY2022 Corporate Responsibility report provides detailed progress against the company’s ESG objectives via industry frameworks including the Sustainability Accounting Standards Board (SASB), Task Force on Climate-related Financial Disclosures (TCFD) and Global Reporting Initiative (GRI). Further proving its commitment to strong governance and transparency, Tapestry aligned its ESG reporting with the United Nations Sustainable Development Goals (SDGs).
“We are proud of the progress we have made, but we know there is always more work to be done,” Ms. Crevoiserat said. “We will continue to listen, learn, and make progress as we strive to make a positive impact on our people, our communities and the planet.”
The full CR report can be found on Tapestry’s website at https://www.tapestry.com/responsibility/.