Tapestry Inc. Named to America's Most Responsible Companies List for Work on Sustainability, Social Impact and Equity, Inclusion & Diversity
Annual Newsweek list ranks Tapestry at 10th most responsible company, up from 189 in 2022
NEW YORK, December 14, 2022 /3BL Media/ - Tapestry, Inc. (NYSE: TPR), a global house of brands including Coach, kate spade and Stuart Weitzman, has been named to Newsweek’s America’s Most Responsible Companies 2023 List. Tapestry moved from 189th in 2022 to 10th in 2023, reflecting the company’s significant commitment to driving real, measurable change toward a more sustainable, equitable and inclusive company.
"We are honored to be recognized by Newsweek for our efforts to operate responsibly and sustainably," said Tapestry CEO Joanne Crevoiserat. "I'm proud of Tapestry’s progress to build a better-made future for our stakeholders. We're on a journey to drive positive impact in our business and our industry at large, and I look forward to continuing this work."
In its annual ranking of America's Most Responsible Companies, Newsweek evaluated companies across all industries on their environmental, social, and governance (ESG) performance. Companies were selected based on publicly available key performance indicators derived from CSR Reports, Sustainability Reports and other reports as well as an independent survey asking U.S. citizens about their perception of company activities related to corporate social responsibility.
In the 2023 ranking, Tapestry scored well across all three categories due in part to its progress against its 2025 bold goals in the areas of people, planet and communities. Tapestry has taken significant action in recent years to reduce its environmental impact, including setting ambitious goals to reduce greenhouse gas emissions and water usage. Tapestry has also committed to 95% traceability of our supply chain by 2025 to ensure a transparent and responsible supply chain. The company additionally acknowledges its responsibility to respect human rights and is committed to conducting its business, and procuring products and services around the world, in a manner which is conducive to good global citizenship. Tapestry has also demonstrated strong governance practices, with a commitment to diversity and inclusion at all levels of the organization. Key examples of progress include:
- In April 2022, the Tapestry Foundation committed $3 million to the World Wildlife Foundation to develop an innovative system to enhance traceability of the leather value chain in Brazil to drive a more sustainable future for the industry. This partnership is the most recent initiative in Tapestry’s ongoing efforts to support a responsible supply chain that other industries can also adopt.
- The Tapestry Foundation’s ongoing support of the Social Justice Center (SJC) at the Fashion Institute of Technology in New York City. Designed to increase opportunity and accelerate social equity for people of color, the SJC is building a seamless and sustained support network that addresses early education, college mentorship and training, and professional career support.
- Formalized In FY2022, on a global level, 10% of Tapestry’s leadership’s annual incentive compensation is tied to equity, inclusion and diversity goals. This further incentivizes leaders to create a diverse and inclusive workplace and hold them accountable for supporting inclusive behaviors.
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. For important news and information regarding Tapestry, visit the Investor Relations section of our website at www.tapestry.com/investors. In addition, investors should continue to review our news releases and filings with the SEC. We use each of these channels of distribution as primary channels for publishing key information to our investors, some of which may contain material and previously non-public information. The Company’s common stock is traded on the New York Stock Exchange under the symbol TPR.
