Tapestry, Inc. Partners With the Ellen MacArthur Foundation To Support the Transition to a Circular Economy

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Tapestry, Inc. (NYSE:TPR) has announced its partnership with the Ellen MacArthur Foundation, aiming to support the transition to a circular economy in fashion. As a Network Partner and member of the Foundation's Fashion Initiative Advisory Board, Tapestry strives to innovate sustainable practices within its brands, including Coach, kate spade, and Stuart Weitzman. Since launching the Coach (Re)Loved program in April 2021, over 20,000 items have been repurposed, and new initiatives such as partnerships with thredUP have been established. Tapestry emphasizes education in circular design, highlighted by its workshops and scholarships aimed at fostering the next generation of sustainable designers. This collaboration reflects Tapestry's commitment to reducing waste and promoting sustainable practices within the fashion industry.

Positive

• Partnership with the Ellen MacArthur Foundation to enhance sustainability and circular economy in fashion.
• Successful launch of Coach (Re)Loved program, which has repurposed over 20,000 items since 2021.
• Initiatives to educate the next generation in circular design through workshops and scholarships.

Negative

• None.

NEW YORK, NY / ACCESSWIRE / April 11, 2023 / Tapestry, Inc. (NYSE:TPR), the leading New York-based house of iconic accessories and lifestyle brands consisting of Coach, kate spade and Stuart Weitzman, today announced it has become a Network Partner of the Ellen MacArthur Foundation, an international charity that develops and promotes the idea of a circular economy. In addition, as a member of the Foundation's Fashion Initiative Advisory Board, Tapestry brings to the table a commitment to a circular future, innovative capabilities powering circular business models led by its brands, as well as technical and practical experience in creating products that are crafted to last.

"Circularity is critical to building a more sustainable and resilient fashion industry. At Tapestry, our brands are contributing to a future that is both beautiful and responsible, and we look forward to collaborating with the Ellen MacArthur Foundation's Network and Fashion Initiative Advisory Board to continue to tackle pressing climate challenges and generate even more momentum behind the circular economy," said Logan Duran, Vice President, ESG and Sustainability.

Tapestry recognizes the importance of transitioning to a circular economy based on three key principles, all driven by design: eliminating waste and pollution, circulating products and materials, and regenerating nature. By joining the Foundation's Network, Tapestry is building on its brands' commitment to innovating and scaling circular business models, including Coach (Re)Loved, the brand's global circular ecosystem of unique Coach programs in repair, refurbishment, upcycling, recycling and customer trade-in designed to give pre-loved and damaged Coach products a second life, keeping them in use and out of landfills. The program, which since its April 2021 launch has (re)loved more than 20,000 items, is now available in the United States, Canada, United Kingdom, Japan and China. Additionally, kate spade new york recently launched a partnership with thredUP to enable its customers to shop pre-loved styles and trade in products as part of the brand's first steps to build a more circular future.

Education and training of the current and next generation of design talent in the principles of a circular economy is also a crucial element in making fashion circular. In 2022, Tapestry held its inaugural Circular Design Workshop to encourage designers at Coach and kate spade new york to learn about the principles of circular design and explore how products can flow through circular business models. In 2022, Coach also launched its Coach (Re)Loved Craftsperson Apprenticeship Program, as well as its CFDA x Coach Dream It Real Circular Design Scholarship, awarded to 15 design students. Both training programs help create new generations of designers and craftspeople who are equipped with the skills and passion to drive change toward circularity.

In its Fiscal Year 2022 Corporate Responsibility report, Tapestry highlighted several other sustainability initiatives, including the announcement of submitting new greenhouse gas (GHG) emissions targets for validation by the Science Based Targets initiative (SBTi) and the recent roll-out of new environmentally preferred material targets focused on increasing the sourcing of materials made from organic, regenerative and recycled inputs across the business.

"A circular economy for fashion creates better products and services for customers, contributes to a resilient and thriving fashion industry, and regenerates the environment. Together we can make fashion circular and help tackle the root causes of global challenges like climate change, biodiversity loss, and pollution. We are pleased to welcome Tapestry as a Network Partner and look forward to facilitating collaboration opportunities with other Network organisations and supporting the company on its circular economy journey." Joe Murphy, Executive Lead, Network, Ellen MacArthur Foundation

Through its Network, the Foundation works with some of the world's leading organizations, with transformative potential, to demonstrate what is possible through circular economy strategy, goal-setting and implementation. The circular economy is built on three principles, driven by design: eliminate waste and pollution, circulate products and materials (at their highest value), and regenerate nature.

The Foundation's Fashion Initiative seeks to drive the transition towards a circular economy for fashion to create a resilient and thriving industry. This will involve reimagining how materials are sourced, produced, and consumed, with a focus on reducing waste and circulating products and materials to keep them in use.

In partnership with the Foundation, Tapestry and its brands are working to accelerate the transition to a circular economy through collaboration and innovation within the industry. As the impacts of climate change become more prominent, and in anticipation of the climate challenges of tomorrow, Tapestry is working to create a more responsible business model today. To learn more about how Tapestry is weaving together its business ambitions with its commitments to find a path to a more sustainable future, visit https://www.tapestry.com/responsibility/our-planet/.

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.

About The Ellen MacArthur Foundation

The Ellen MacArthur Foundation is an international charity that develops and promotes the circular economy in order to tackle some of the biggest challenges of our time, such as climate change, biodiversity loss, waste, and pollution. It works with its Network of private and public sector decision-makers, as well as academia, to build capacity, explore collaborative opportunities, and design and develop circular economy initiatives and solutions. Increasingly based on renewable energy, a circular economy is driven by design to eliminate waste and pollution, circulate products and materials, and regenerate nature, to create resilience and prosperity for business, the environment, and society.

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Contact Info:
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SOURCE: Tapestry, Inc.

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FAQ

What is Tapestry, Inc.'s recent announcement regarding the Ellen MacArthur Foundation?

Tapestry has become a Network Partner of the Ellen MacArthur Foundation to support the transition to a circular economy.

How has Tapestry contributed to sustainability through its brands?

Tapestry's Coach (Re)Loved program has repurposed over 20,000 items since its launch in April 2021 and new initiatives with thredUP have been established.

What are the key principles Tapestry is focusing on for a circular economy?

Tapestry is focusing on eliminating waste, circulating products, and regenerating nature as part of its commitment to sustainability.

What educational efforts is Tapestry implementing for sustainable design?

Tapestry has held Circular Design Workshops and offers scholarships to encourage the next generation of designers in circular principles.

What is the significance of Tapestry's partnership with the Ellen MacArthur Foundation?

The partnership aims to drive innovation and implementation of circular economy practices in the fashion industry.