Tapestry Releases 2022 Corporate Responsibility Report
Tapestry Inc. is a New York-based company that operates several accessory and lifestyle brands. It recently released its 2022 Corporate Responsibility (CR) report, highlighting its achievements in environmental, social, and governance (ESG) goals during the past fiscal year.
With the release of this report, Tapestry Inc. is showing how it works on ESG for the 10th year in a row. The report gives a complete picture of how the company works toward ESG goals by being innovative, creative, and committed to including everyone.
“Tapestry is on a journey to create a better-made future that is both beautiful and responsible,” said Joanne Crevoiserat, Chief Executive Officer of Tapestry, Inc. “Every day, our brands—Coach, kate spade and Stuart Weitzman—create extraordinary products for modern lives. This same approach is reflected in our work to weave together our ambitions as a business while working to protect the wellbeing of our planet, our people, and our communities.”
The report introduces the "Fabric of Change", which is Tapestry's updated ESG strategy. This strategy replaces its previous one, "Our Social Fabric." It shows the company's commitment to building a company based on values, caring about people and finding a balance between being a leader in fashion and making positive changes.
The Fabric of Change showcases how Tapestry balances its market goals with its efforts to address significant challenges facing the company and its stakeholders. Through this refined strategy, Tapestry is taking action to secure a sustainable future for the business.
As part of its updated ESG strategy, Tapestry announced new goals that match its targets, such as:
New science-based targets submitted to the Science Based Targets Initiative (SBTi) for validation to reduce absolute Scope 1, 2 and 3 GHG emissions by 42.5% below FY2021 levels by FY2030 and achieve net-zero by 2050.
Updated volunteering goal of 500,000 hours by 2030. This new target comes on the heels of Tapestry achieving its 2025 goal of 100,000 hours two and a half years ahead of schedule.
New environmentally preferred material targets have been established for key raw materials and manufacturing processes.
Some of the key highlights from the report include the following:
Increased percentage of renewable energy use to 67% across Tapestry’s own stores, offices, and fulfilment centers.
Decreased total GHG emissions across Scopes 1, 2 and 3 by 5% from FY2021 as the company works toward its new science-based targets of a 42.5% reduction by 2030.
Introduced Tapestry’s plan to align 10% of annual incentive compensation for executives (vice president level and up) with the company’s progress against Equity, Inclusion & Diversity (EI&D) scorecard measures. Tapestry has made progress on building a culture of inclusion and increased the number of BIPOC in senior leadership by 1.6% in the last fiscal year.
Launched a $3 million four-year partnership between the Tapestry Foundation and the World Wildlife Fund (WWF) designed to accelerate the development of an industry-wide standard to certify deforestation and conversion-free (DCF) leather originating from Brazil as part of Tapestry’s commitment to transparency and supply chain traceability.
Supported the founding of the Fashion Institute of Technology’s Social Justice Center (SJC) with financial investments from the Tapestry Foundation, establishing a first-of-its-kind higher education initiative to increase opportunity and accelerate social equity within the creative industries for the BIPOC community.
“We are proud of the progress we have made, but we know there is always more work to be done,” Ms. Crevoiserat said. “We will continue to listen, learn, and make progress as we strive to make a positive impact on our people, our communities and the planet.”
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Click here to read the complete CR report from Tapestry