Tapestry Takes Action to Drive Positive Change for People, Planet and Community
$50 Million TapestryFoundation 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
$15an Hour Wage for U.S.Hourly Employees
“I’m pleased to join the
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 hoursby 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.
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
In addition to the appreciation bonus, beginning
Next Scheduled Announcement
The Company expects to report fiscal 2021 fourth quarter and full year results on
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.
Our global house of brands unites the magic of Coach, kate spade new york and
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