Tapestry, Inc. (NYSE: TPR), a leading New York-based house of
modern luxury accessories and lifestyle brands, today announced
additional community support initiatives to address the ongoing
COVID-19 health crisis.
In addition to its previously announced $2,000,000 commitment to
support New York City small businesses, Tapestry, through its Coach
Foundation, announced its intention to expand investment in
communities affected by COVID-19, while the kate spade new york
foundation will be making a donation to support frontline workers
and provide emergency funds to existing grantees. Tapestry has also
launched an initiative to manufacture medical equipment for
healthcare workers by repurposing its existing 3D printing
capabilities in New York.
“I am incredibly proud of the initiative and dedication shown by
our people and our partner organizations in finding new ways to
support our communities during this difficult time,” said Jide
Zeitlin, Chairman and Chief Executive Officer of Tapestry, Inc. and
Chairman of the Coach Foundation. “We are committed to quickly
mobilizing resources to support healthcare workers and community
organizations on the front lines of this public health crisis.”
The Coach and kate spade new york Foundations continue to
actively pursue opportunities to partner with private and public
sector entities to provide assistance to the most vulnerable.
The Coach Foundation, in evaluating the areas of greatest need
for community support, announced its intention to commit:
- $200,000 to support COVID frontline assistance charities in the
United Kingdom, Spain, Italy, France, and Germany selected by
Tapestry’s European employees.
- $200,000 to CFDA’s A Common Thread COVID response.
- $50,000 to the British Fashion Council COVID response through
the Foundation’s Fund at CAF America.
Separately, the kate spade new york foundation, will be
donating:
- $100,000 to partner Crisis Text Line to fund the
#Forthefrontlines Initiative which will provide crisis counseling
and emotional support to doctors and nurses who are feeling the
immediate, and ongoing, effects of the heavy stress as they face
this crisis head on. This program will be operational in the US,
United Kingdom, Ireland and Canada.
- An additional $100,000 to ten existing grantees (who will
receive $10,000 each) to provide short-term emergency funding needs
inclusive of: technology needs, virtual programming adaptation,
covering missed revenue and emergency needs of each nonprofit.
In addition, Tapestry announced an employee-initiated volunteer
program that is coordinating with 3D printing industry bodies to
repurpose the Company’s existing 3D printers to support healthcare
professionals. This will include the printing of disposable parts
required for respirators and ventilators, test swabs, and face
shields. Resources will also be made available to create 3D printed
parts for R&D prototypes needed by engineers and specialists
working on COVID-19 related development projects. The initiative is
being coordinated with various 3D printing industry bodies, along
with the NIH 3D Print Exchange and 3D printing companies.
Finally, the Coach brand will be donating product with a retail
value of over $3.5 million to COVID-19 related charities and
impacted individuals.
About Tapestry, Inc.
Tapestry, Inc. is a New York-based house of modern luxury
lifestyle brands. The Company’s portfolio includes Coach, Kate
Spade and Stuart Weitzman. Our Company and our brands are founded
upon a creative and consumer-led view of luxury that stands for
inclusivity and approachability. 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. To learn more
about Tapestry, please visit www.tapestry.com. The Company’s common
stock is traded on the New York Stock Exchange under the symbol
TPR.
About the Coach Foundation
Founded in 2008, the Coach Foundation brings our philanthropic
initiatives to life. To date it has granted more than $50 million
to nonprofit partners all over the world. For more information on
Tapestry’s philanthropic initiatives, please visit Our Social
Fabric at www.tapestry.com/responsibility.
About the kate spade new york Foundation
The kate spade new york Foundation empowers women and girls to
be the heroines of their own stories. The Foundation gives away $1
million annually to nonprofits investing in the empowerment journey
of women and girls in the following areas: increasing agency,
improving mental wellbeing, providing access to economic
opportunity and creating communities of support. Grants have
supported organizations like Crisis Text Line, Fountain House,
Girls Inc, Girls Who Code, International Rescue Committee and
Rising Tide Capital.
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, statements that can be identified by the use of
forward-looking terminology such as "may," "will," “can,” "should,"
“confident,” “future,” "expect," "intend," "estimate," "continue,"
"project," "guidance," "forecast," “outlook,” “believe,”
"anticipate," “proactive,” “preemptive,” “excited about,” “moving,”
“leveraging,” “capitalizing,” “developing,” “drive,” “targeting,”
“assume,” “plan,” “build,” “pursue,” “maintain,” “on track,” “well
positioned to,” “commit,” “look forward to,” “to acquire,”
“achieve,” “strategic vision,” “growth opportunities” 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 expected economic trends,
the ability to anticipate consumer preferences, the ability to
control costs and successfully execute our transformation and
operational efficiency initiatives and growth strategies and our
ability to achieve intended benefits, cost savings and synergies
from acquisitions, the risk of cybersecurity threats and privacy or
data security breaches, the impact of tax legislation, the impact
of the COVID-19 outbreak, etc. Please refer to the Company’s latest
Annual Report on Form 10-K, Quarterly Report on Form 10-Q 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/20200409005684/en/
Tapestry, Inc. Analysts & Media: Andrea Shaw Resnick Global
Head of Investor Relations and Corporate Communications
212/629-2618 aresnick@tapestry.com Christina Colone Vice President,
Investor Relations 212/946-7252 ccolone@tapestry.com
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