December 18, 2024 08:12 AM Eastern Daylight Time
Tapestry, Inc. (NYSE: TPR), a house of iconic accessories and lifestyle brands consisting of Coach, Kate Spade, and Stuart Weitzman, today released its Fiscal Year 2024 (FY2024) Corporate Responsibility (CR) report. The report details the company's progress and achievements in sustainability, social impact and community building over the past year. The company's framework, The Fabric of Change, encapsulates its vision for a better-made future.
"We believe investing in our communities, people and sustainability initiatives drives innovation and long-term success and resilience for Tapestry and our portfolio of brands," said Joanne Crevoiserat, Chief Executive Officer of Tapestry, Inc. "I am incredibly proud of the milestones our teams achieved in the last year, and we continue to see opportunities ahead."
In FY2024, the Company:
- Leveraged innovation to be a more responsible and sustainable company. In FY2024, Tapestry's Scope 1 and 2 GHG emissions were reduced by 84% compared to our FY2021 baseline. This marks the achievement of our Scope 1 and 2 science-based targets, primarily driven by the company's investment in renewable energy in its own operations.
- Brought to market more responsible products and materials innovation, consistent with its vision. In FY24, Coach reissued its iconic Soho Bag, featuring a version created with repurposed denim, a material that has up to an 80% reduction in GHG emissions and up to 95% less water consumption compared to conventional first-use denim.
- Sustained its history of investing in communities where the company and its employees work and live. Employees worldwide volunteered over 65,000 hours, bringing Tapestry closer to its target of 500,000 volunteer hours by 2030.
- Continued to increase focus on its people and culture. In FY24, the company received over 10 international awards from Forbes, Fortune, TIME, USA Today, Newsweek and others for being a top employer.
The FY2024 CR report detailing Tapestry's comprehensive corporate responsibility strategy and recent achievements can be found at Tapestry.com.
