Tapestry, Inc. Releases FY2024 Corporate Responsibility Report

Rhea-AI Summary

Tapestry Inc. (NYSE:TPR) has released its FY2024 Corporate Responsibility report, highlighting significant achievements in sustainability and social impact. The company, which owns Coach, Kate Spade, and Stuart Weitzman, reported an 84% reduction in Scope 1 and 2 GHG emissions compared to FY2021, meeting its science-based targets through renewable energy investments.

Key achievements include Coach's reissued Soho Bag featuring repurposed denim, resulting in up to 80% reduction in GHG emissions and 95% less water consumption. Employees contributed over 65,000 volunteer hours toward the company's 2030 target of 500,000 hours. The company also received multiple international awards for being a top employer from Forbes, Fortune, TIME, USA Today, and Newsweek.

Positive

• Achieved 84% reduction in Scope 1 and 2 GHG emissions from FY2021 baseline
• Successfully met science-based environmental targets
• Implemented sustainable product innovation with significant environmental savings
• Received multiple international awards as top employer

Negative

• None.

NEW YORK / ACCESSWIRE / December 18, 2024 / Tapestry, Inc. (NYSE:TPR), a house of iconic accessories and lifestyle brands consisting of Coach, Kate Spade, and Stuart Weitzman, today released its Fiscal Year 2024 (FY2024) Corporate Responsibility (CR) report. The report details the company's progress and achievements in sustainability, social impact and community building over the past year. The company's framework, The Fabric of Change, encapsulates its vision for a better-made future.

"We believe investing in our communities, people and sustainability initiatives drives innovation and long-term success and resilience for Tapestry and our portfolio of brands," said Joanne Crevoiserat, Chief Executive Officer of Tapestry, Inc. "I am incredibly proud of the milestones our teams achieved in the last year, and we continue to see opportunities ahead."

In FY2024, the Company:

• Leveraged innovation to be a more responsible and sustainable company. In FY2024, Tapestry's Scope 1 and 2 GHG emissions were reduced by 84% compared to our FY2021 baseline. This marks the achievement of our Scope 1 and 2 science-based targets, primarily driven by the company's investment in renewable energy in its own operations.

• Brought to market more responsible products and materials innovation, consistent with its vision. In FY24, Coach reissued its iconic Soho Bag, featuring a version created with repurposed denim, a material that has up to an 80% reduction in GHG emissions and up to 95% less water consumption compared to conventional first-use denim.

• Sustained its history of investing in communities where the company and its employees work and live. Employees worldwide volunteered over 65,000 hours, bringing Tapestry closer to its target of 500,000 volunteer hours by 2030.

• Continued to increase focus on its people and culture. In FY24, the company received over 10 international awards from Forbes, Fortune, TIME, USA Today, Newsweek and others for being a top employer.

The FY2024 CR report detailing Tapestry's comprehensive corporate responsibility strategy and recent achievements can be found at Tapestry.com.

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. For important news and information regarding Tapestry, visit the Investor Relations section of our website at www.tapestry.com/investors. In addition, investors should continue to review our news releases and filings with the SEC. We use each of these channels of distribution as primary channels for publishing key information to our investors, some of which may contain material and previously non-public information. The Company's common stock is traded on the New York Stock Exchange under the symbol TPR.

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Tapestry, Inc.
Media:
Jackie Albano
Director, ESG Communications
646/656-9645
jalbano@tapestry.com

Analysts and Investors:
Christina Colone
Global Head of Investor Relations
212/946-7252
ccolone@tapestry.com

View additional multimedia and more ESG storytelling from Tapestry, Inc. on 3blmedia.com.

Contact Info:
Spokesperson: Tapestry, Inc.
Website: https://www.3blmedia.com/profiles/tapestry-inc
Email: info@3blmedia.com

SOURCE: Tapestry, Inc.

View the original press release on accesswire.com

FAQ

What environmental targets did Tapestry (TPR) achieve in FY2024?

Tapestry achieved an 84% reduction in Scope 1 and 2 GHG emissions compared to FY2021 baseline, meeting its science-based targets through renewable energy investments in its operations.

How much did TPR's repurposed denim Soho Bag reduce environmental impact?

Coach's repurposed denim Soho Bag achieved up to 80% reduction in GHG emissions and up to 95% less water consumption compared to conventional first-use denim.

How many volunteer hours did Tapestry employees complete in FY2024?

Tapestry employees completed over 65,000 volunteer hours in FY2024, working toward the company's target of 500,000 volunteer hours by 2030.

What sustainability initiatives did Tapestry (TPR) implement in FY2024?

In FY2024, Tapestry implemented renewable energy in its operations, launched sustainable product innovations like the repurposed denim Soho Bag, and continued community investment through employee volunteering.