Tapestry announces new ESG strategy, goals for 2023
Tapestry Inc, the parent company of Kate Spade, Coach, and Stuart Weitzman, released its annual corporate responsibility report on Wednesday, introducing an updated ESG strategy and goals.
The company’s 10th report introduces the ‘Fabric of Change’, Tapestry’s updated ESG strategy including new goals to match its ambitions, starting with new science-based targets. The group now aims to decrease total GHG emissions across Scopes 1, 2 and 3 by 42.5% by 2030 and achieve net-zero by 2050. In 2022, it decreased its total GHG emissions by 5% from FY2021.
The company also updated its volunteering goal of 500,000 hours by 2030, following the achievement of its 2025 goal of 100,000 hours, and introduced new environmentally preferred material targets focused on key raw materials and manufacturing processes.
The report also highlighted 2022 progress including the increased usage of renewable energy to 67% across Tapestry’s own stores, offices and fulfilment centers. Tapestry equally introduced a plan to align 10% of annual incentive compensation for executives with the company’s progress against Equity, Inclusion & Diversity.
Lastly, during the year, Tapestry launched a $3 million four-year partnership with the World Wildlife Fund (WWF) and supported the founding of the Fashion Institute of Technology’s Social Justice Center (SJC) with financial investments from the Tapestry Foundation.
“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.”
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