Tapestry's Sustainable Achievements: Advancing Diversity, Renewable Energy, and Community Engagement

Tapestry, Inc. (NYSE: TPR), a conglomerate housing renowned accessory and lifestyle brands such as Coach, Kate Spade, and Stuart Weitzman, has published its Fiscal Year (FY) 2023 Corporate Responsibility (CR) report, delineating the company's advancements and endeavors towards pivotal environmental, social, and governance (ESG) objectives during the preceding fiscal year.
 
Joanne Crevoiserat, Chief Executive Officer of Tapestry, Inc., emphasized, "At Tapestry, we view sustainability as essential to our business. Our initiatives not only sustain a flourishing business and a dependable supply chain but also resonate with both our customers and employees who seek alignment with their values."
 
The Fabric of Change, Corporate Responsibility Strategy 
Throughout the past year, Tapestry has persistently pursued a vision of blending beauty with responsibility through its corporate responsibility strategy, termed the Fabric of Change. The report showcases the evolution of this purpose-driven framework, which was introduced in the preceding year.
 
The Fabric of Change serves as Tapestry's blueprint for fulfilling its commitments and objectives across four core domains: people, planet, products, and communities. Rooted in the belief that every aesthetically pleasing choice can also be an ethically responsible one, the strategy has seen refinements in FY2023 to accommodate the evolving demands of the business. Notably, a fourth pillar, "Create Products with Care," has been integrated, concentrating on advancing material innovation, circularity, and producing more environmentally responsible finished goods.

Key points from Tapestry’s report encompass:
 

Partnered with the Inclusion Works coalition, comprising over 100 Disability:IN corporate affiliates, to advance understanding and address the needs of associates, consumers, and community members with disabilities.

Expanded the membership network of Employee Business Resource Groups (EBRGs) by 30% in FY2023. Presently, Tapestry boasts six formal groups and three taskforces within its EBRG framework, facilitating employee engagement across all facets of Tapestry’s Equity, Inclusion, and Diversity framework: talent, culture, community, and marketplace.

Secured renewable energy sources for 80% of Tapestry’s global retail, office, and fulfillment centers. This progress aligns with the company’s renewable energy objectives, demonstrated by a 15-year Impact Renewable Energy Certificate agreement with Pivot Energy in Illinois and participation in the Fashion Pact’s Collective Virtual Power Purchase Agreement (CVPPA), aiming to bolster renewable electricity adoption.

 

Introduced a new Environmental Sustainability Framework for suppliers, streamlining Tapestry’s sustainability strategy and offering enhanced support to supply chain partners to enhance their environmental practices.

 

Launched Coachtopia, a new sub-brand committed to advancing the transition to a circular economy.

 

Achieved a milestone by sourcing over 90% of the company's leather from Gold- and Silver-rated LWG tanneries, surpassing the 2025 target two years ahead of schedule.

 

Surpassed the 2025 goal of donating $75 million in product and financial contributions globally, accomplishing this milestone two years ahead of schedule.
 

Recorded 82,300 hours of global employee volunteering, marking a 60% increase from FY2022 and propelling Tapestry towards its 2030 goal of 500,000 volunteer hours, having completed over one-third of this target.

“Tapestry’s purpose is enduring: we stretch what’s possible every day, through our values as well as through our business ambitions,” said Ms. Crevoiserat while adding, “We’ll continue to forge ahead with this philosophy, driving positive impact in a world that’s evolving faster than ever.”