Tapestry, Inc., an American multinational luxury fashion holding company, announced actions to drive its people-centered, purpose-led strategy. To begin, the Company has established the Tapestry Foundation to support access and equity efforts as well as to combat climate change activities.
Tapestry is also taking additional steps to expedite and amplify its ‘Our Social Fabric corporate responsibility agenda in order to have a positive impact. Tapestry has also pledged a $15 minimum pay for hourly employees in the United States, as well as a special appreciation bonus for its worldwide retail employees.
Joanne Crevoiserat, Chief Executive Officer of Tapestry, Inc, said that at Tapestry, they’re dedicated to leading with a purpose to push what is possible both inside their company and in the world at large. The Tapestry Foundation, the extension of their Corporate Responsibility goals, and their incremental investment in their talent are significant steps ahead in this path. In addition, their commitment to make the globe a more inclusive, sustainable, and secure place has never been greater. They’re embracing their role as a global fashion company to influence good change for their industry and their stakeholders by adopting activities that bring their purpose and values to life.
The Tapestry Foundation is committed to promoting equality, opportunity, and dignity for all people. The Foundation is dedicated to pushing the boundaries of what is possible by sponsoring social and environmental projects that promote access and opportunity while also enhancing the vitality of their global communities.
Tapestry, Inc. has donated a $25 million initial donation to the foundation. In addition, the Coach Foundation will contribute $25 million to the Tapestry Foundation's endowment, allowing the Tapestry Foundation to take up some continuing Company-wide initiatives formerly covered by the Coach Foundation, as well as other awards in accordance with its objective.
The Tapestry Foundation will be governed by a board of directors that includes members of the Company's top management as well as Anne Gates, who is currently an independent director of Tapestry, Inc.
Ms. Gates said that she is excited to join the Tapestry Foundation and help to advance their mission of advancing access and opportunity. To achieve real and lasting change, they’ll address some of the complex challenges that their global communities are facing, including equity, inclusion, and the climate crisis.
Tapestry also announced four bold commitments that will accelerate and magnify the Company's existing Our Social Fabric corporate responsibility efforts and 2025 ESG targets, in addition to the newly established Foundation.
The commitments include 10% of leadership's yearly incentive compensation will be connected to Equality, Inclusion, and Diversity targets; one paid volunteer day per year, reaffirming the company's commitment to supporting its communities and exceeding its 100,000 volunteer service hours goal by 2025; doubling its 2025 target of providing empowerment programs to employees in factories throughout its supply chain; and procurement of 100% renewable electricity in the company's stores, offices, and fulfillment facilities by 2025.
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