Tapestry Releases Fiscal Year 2021 Corporate Responsibility Report and Materiality Assessment

Rhea-AI Summary

Tapestry, Inc. (NYSE: TPR) released its FY2021 Corporate Responsibility report, showcasing progress in sustainability initiatives and ESG commitments. Key highlights include a commitment to pay U.S. hourly employees a minimum of $15 starting September 2021 and achieving 21% renewable energy across North American operations. The company launched a biodiversity strategy and the Coach (Re)Loved circularity initiative. Additionally, Tapestry’s ambitious goals for 2025 were expanded, reinforcing its commitment to a more sustainable future.

Positive

• Announced minimum hourly wage of $15 for U.S.-based hourly employees, effective September 5, 2021.
• Achieved 21% renewable energy procurement in North America, contributing to ESG goals.
• Expanded 2025 ESG goals with new initiatives, including biodiversity strategy.

Negative

• None.

Outlines Continued Progress Against Expanded 2025 People, Planet and Community Goals

Highlights New Biodiversity and Circularity Initiatives to Minimize Impact on Natural Resources

NEW YORK--(BUSINESS WIRE)-- Tapestry, Inc. (NYSE: TPR), a leading New York-based house of modern luxury accessories and lifestyle brands, today released its ninth Corporate Responsibility report, which reviews the environmental, social and governance (ESG) impact work conducted by Tapestry in the 2021 fiscal year, ending July 3, 2021, as well as an updated Materiality Assessment.

“Tapestry’s approach to corporate responsibility is based on driving real, measurable change towards a more sustainable, equitable and inclusive world. I am incredibly proud of the great strides that we made in fiscal year 2021 that are detailed in Our Social Fabric Corporate Responsibility report,” said Joanne Crevoiserat, Chief Executive Officer of Tapestry, Inc. “Among them are the announcement of an ambitious expansion of our 2025 goals and signing the Science Based Targets initiative’s Business Ambition for 1.5°C, committing to set science-based targets to limit global warming to 1.5°C and achieve net zero emissions by 2050, remaining steadfast in our efforts to make a difference and create a better world.”

The fiscal year 2021 Corporate Responsibility report highlights the progress made towards key ESG topics across three pillars: Our People, Our Planet and Our Communities. The report outlines the expansion of several of Tapestry’s ESG goals for 2025 with new bold commitments and the launch of a biodiversity strategy.

In fiscal year 2021, Tapestry conducted a comprehensive Materiality Assessment to identify and prioritize the ESG topics that are most important to the company’s business and stakeholders. The results of this assessment are being used to inform Tapestry’s ESG strategy and to ensure the company is communicating to stakeholders on the issues and topics that are most important to them.

Highlights from Tapestry’s FY2021 Corporate Responsibility report and bold ESG commitments include:

Our People

• Announced all U.S.-based hourly employees will earn a minimum hourly wage of $15, which began on September 5, 2021
• Filled 80% of VP+ open positions with internal talent
• Named to Forbes’ “Best Employers for Diversity” and “Best Employers for Women” 2021 lists, and “2021 Best Place to Work for LGBTQ Equality” by the Human Rights Campaign Corporate Equality Index (CEI)

Our Planet

• Procured 21% renewable energy across operations in North America, which is equal to 9% of global operations
• Launched Coach (Re)Loved circularity initiative
• Continued engaging with the Sustainable Apparel Coalition and gained insight into the Company’s supply chain by reviewing verified supplier responses to the Higg Facility Environmental Module (Higg FEM)
• Committed to the Science Based Targets initiative’s Business Ambition for 1.5°C

Our Communities

• Completed more than 32,000 employee volunteer service hours across 550 nonprofits as of the end of fiscal year 2021
• Launched the $50 million Tapestry Foundation to advance access and equity initiatives and combat climate change
• Contributed more than $1 million to organizations that champion racial and social justice
• Donated nearly $8 million to nonprofits around the world across brands and Company Foundations

Read more about Tapestry’s bold ESG commitments launched in July 2021 here.

Tapestry’s fiscal year 2021 Corporate Responsibility report was prepared in alignment with leading sustainability reporting frameworks, including the UN Sustainable Development Goals, Task Force on Climate-related Financial Disclosures (TCFD), Sustainable Accounting Standards Board (SASB) and Global Reporting Initiative (GRI). To view the full report, visit: 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. [FLS]

View source version on businesswire.com: https://www.businesswire.com/news/home/20220127005271/en/

Tapestry, Inc.

Analysts & Media:

Andrea Shaw Resnick

Chief Communications Officer

212/629-2618

aresnick@tapestry.com

Kelsey Mueller

Director, Investor Relations

212/946-8400 X 100235

kmueller@tapestry.com

Source: Tapestry, Inc.

FAQ

What are the key highlights from Tapestry's FY2021 Corporate Responsibility report?

Tapestry's FY2021 report highlights include a $15 minimum wage for U.S. hourly employees, 21% renewable energy use in North America, and expanded ESG goals.

What new initiatives did Tapestry announce in its 2021 report?

The 2021 report introduced the biodiversity strategy and the Coach (Re)Loved circularity initiative.

When did Tapestry commit to the $15 minimum hourly wage?

Tapestry committed to the $15 minimum hourly wage effective September 5, 2021.

How does Tapestry plan to achieve its ESG goals by 2025?

Tapestry plans to achieve its ESG goals by expanding commitments and initiatives related to sustainability and social equity.

What is Tapestry's stock symbol?

Tapestry, Inc. is traded under the stock symbol TPR.