Tapestry launches $50 million Tapestry Foundation to combat climate change

US-based Coach owner, Tapestry, has established the $50 million Tapestry Foundation to enhance access and equity programs and battle climate change. The company corporate responsibility (CSR) report for fiscal year 2021has highlighted new biodiversity and circularity activities aimed at reducing the impact on natural resources.

Joanne Crevoiserat, chief executive officer of Tapestry, Inc, said that Tapestry’s approach to corporate responsibility is centered on bringing about actual, measurable change in order to create a more sustainable, egalitarian, and inclusive world. He is extremely proud of the significant accomplishments they made in fiscal year 2021, which are highlighted in their Social Fabric Corporate Responsibility report.

Crevoiserat added that among them are the announcement of an ambitious expansion of their 2025 goals and the signing of 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, while remaining steadfast in their efforts to make a difference and create a better world.

The report focuses on critical ESG topics across three pillars: Our People, Our Planet, and Our Communities. The paper details Tapestry’s ESG ambitions for 2025, including new bold pledges and the establishment of a biodiversity plan.

Tapestry undertook a complete materiality review in the fiscal year 2021 to identify and prioritize the ESG topics that are most relevant to the company’s business and stakeholders. The findings of this evaluation are being utilized to develop Tapestry’s ESG strategy and to ensure that the company communicates with stakeholders about the issues and subjects that are most important to them.