- Establishes $50 Million Tapestry Foundation to Advance
Equity and Opportunity and to Combat Climate Change
- Launches Bold ESG Commitments to Accelerate Corporate
Responsibility Goals
- Amplifies People-Centered Focus Through Compensation
Initiatives; Commits to Minimum $15 an Hour Wage for U.S. Hourly
Employees
Tapestry, Inc. (NYSE: TPR), a leading New York-based house of
modern luxury accessories and lifestyle brands, today announced
actions to drive its people-centered, purpose-led strategy. First,
the Company has formed a new Tapestry Foundation to advance access
and equity initiatives and to combat climate change. In addition,
Tapestry is taking further action to accelerate and amplify its Our
Social Fabric corporate responsibility agenda to effect positive
change. Tapestry is also committing to a $15 U.S. minimum wage for
hourly employees and a special appreciation bonus to its global
store employees.
Joanne Crevoiserat, Chief Executive Officer of Tapestry, Inc.,
said, “At Tapestry, we are committed to leading with purpose to
stretch what’s possible both within our organization and the world
at large. The initiatives we are announcing today, including the
formation of the Tapestry Foundation, the expansion of our
Corporate Responsibility goals and our incremental investment in
our talent, represent an important step forward on this journey.
Further, our resolve to making the world more inclusive,
sustainable and safe has never been stronger. By taking actions
that bring our purpose and values to life, we are embracing our
responsibility as a global fashion company to affect positive
change for our industry and our stakeholders.”
The Tapestry Foundation
The Tapestry Foundation is dedicated to advancing equity,
opportunity, and dignity for all. The Foundation is committed to
stretching what's possible by supporting social and environmental
programs focused on access and opportunity, while nurturing the
vibrancy of our global communities.
Tapestry, Inc. has made an initial contribution of $25 million
to the foundation. In addition, the Coach Foundation will grant $25
million of its corpus for the endowment of the Tapestry Foundation,
which will also enable the Tapestry Foundation to take
responsibility for certain ongoing Company-wide programs previously
covered by the Coach Foundation and other grants in line with its
mission. The Tapestry Foundation will be overseen by a board of
directors comprised of members of the Company’s senior management
and Anne Gates, who also serves as an independent director of
Tapestry, Inc.
“I’m pleased to join the Tapestry Foundation and drive our
mission to advance access and opportunity,” said Ms. Gates, “In
order to effect real and lasting change, we will address some of
the complex challenges our global communities are facing, notably
equity, inclusion and the climate crisis.”
Bold ESG Commitments
In addition to the newly formed Foundation, Tapestry is also
proud to announce four bold commitments that accelerate and amplify
the Company’s existing Our Social Fabric corporate responsibility
work and 2025 ESG goals.
- Beginning in FY 2022, on a global level, 10% of leadership’s
annual incentive compensation will be tied to Equity, Inclusion and
Diversity goals. This will further incentivize leaders to
create a diverse and inclusive culture and hold them accountable
for supporting inclusive behaviors.
- Tapestry is giving all global employees – whether corporate,
retail or in the Company’s fulfillment centers – one paid
volunteer day per year, reinforcing its ambition to support their
communities and surpass its goal of 100,000 volunteer service
hours by 2025. Tapestry organizes year-round
volunteering opportunities and employees are encouraged to
volunteer for causes they care about. In fact, in FY21 alone,
employees volunteered over 31,000 hours, bringing the cumulative
total to over 42,000 hours since establishing the goal in
2019.
- The Company is doubling the reach of its 2025 goal to give
workers in factories across its supply chain access to empowerment
programs, increasing its aspiration to reach 100,000
people.
- Tapestry is strengthening its dedication to environmental
efforts to combat climate change by committing to procure 100%
renewable electricity in the Company’s stores, offices, and
fulfillment centers by 2025.
Employee Compensation
Tapestry is a purpose-led organization that is committed to its
people. Early in the pandemic, the Company made the decision to
invest in its people, including through continued payments to
retail employees while stores were closed for several months.
Although COVID continues to impact parts of the world, in
recognition of their effort and dedication during a particularly
challenging year, Tapestry will award global store associates and
store managers who do not otherwise participate in the Company’s
annual incentive plans a one-time appreciation bonus of $500 and
$1,000, respectively. Currently employed global store employees who
were employed as of March 31, 2021 will be eligible to receive the
bonus.
In addition to the appreciation bonus, beginning September 5,
2021, all U.S. Tapestry employees will earn a wage of at least $15
per hour. Tapestry’s people are the face of its brands to the
customer and they play a vital role in the Company’s success. This
action is an important investment in building great teams and it
reinforces Tapestry’s ongoing commitment to unlock the power of its
people.
Next Scheduled Announcement
The Company expects to report fiscal 2021 fourth quarter and
full year results on Thursday, August 19, 2021. To receive
notification of future announcements, please register at
www.tapestry.com/investors ("Subscribe to E-Mail Alerts").
The actions outlined in today’s announcements are not expected
to impact the achievement of the Company’s outlook for FY21, nor
materially impact the Company’s FY22 results.
Note to Editors:
For more information about Tapestry’s Our Social Fabric
corporate responsibility framework and 2025 ESG goals, please visit
the 2020 Report 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. 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 regarding the company’s Our Social
Fabric initiatives, goals and bold commitments, and statements that
can be identified by the use of forward-looking terminology such as
"may," "will," “can,” "should," "expect," "intend," "estimate,"
“ensure,” "continue," "project," "guidance," "forecast," “outlook,”
"anticipate," “leveraging,” “sharpening,” transforming,”
“creating,” accelerating,” “enhancing,” leaning into,”
“innovation,” “drive,” “targeting,” “assume,” “plan,” “progress,”
“optimistic,” “confident,” “future,” “uncertain backdrop,”
“emerge,” “on track,” “well positioned to,” “look forward to,”
“looking ahead,” “to acquire,” “achieve,” “strategic,” “steady
recovery,” “growth,” “view,” “resolve,” “embrace,” “stretching
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 the Covid-19 pandemic, the ability to control
costs and successfully execute our growth strategies, expected
economic trends, the ability to anticipate consumer preferences,
risks associated with operating in international markets and our
global sourcing activities, 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 pending and potential future legal proceedings, and the
impact of legislation, etc. Please refer to the Company’s latest
Annual Report on Form 10-K, quarterly report on 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210728005165/en/
Tapestry, Inc. Analysts & Media: Andrea Shaw Resnick Chief
Communications Officer 212/629-2618 aresnick@tapestry.com Christina
Colone Global Head of Investor Relations 212/946-7252
ccolone@tapestry.com
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