Tapestry, Inc. Highlights Commitment to Sustainability and Inclusion in FY2022 Corporate Responsibility Report
31 Enero 2023 - 5:45AM
Business Wire
Company Evolves ESG Strategy, The Fabric of
Change; Shares More Ambitious Goals to Accelerate Progress Toward
2030 Targets
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 it's 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 targets 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
https://www.tapestry.com/responsibility/.
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.
Follow and connect with Tapestry on LinkedIn and Instagram or
visit our newsroom. To build your future at Tapestry, find our
latest job opportunities on our careers page.
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version on businesswire.com: https://www.businesswire.com/news/home/20230131005159/en/
Tapestry, Inc: Media: Andrea Shaw Resnick Chief
Communications Officer 212/629-2618 aresnick@tapestry.com Jackie
Albano Director of ESG Communications jalbano@tapestry.com Analysts
and Investors: Christina Colone Global Head of Investor Relations
212/946-7252 ccolone@tapestry.com Kelsey Mueller 212/946-8183
Director of Investor Relations kmueller@tapestry.com
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