Tapestry Inc, the parent company of esteemed fashion brands Kate Spade, Coach, and Stuart Weitzman, has recently announced its new ESG (environmental, social, and governance) strategy and goals in its annual corporate responsibility report. This report, which marks the company’s 10th edition, introduces the “Fabric of Change,” a refreshed ESG strategy aimed at achieving ambitious objectives.
Key among Tapestry’s new strategy is the implementation of science-based targets to reduce greenhouse gas (GHG) emissions. The company has set a goal to reduce total GHG emissions across Scopes 1, 2, and 3 by 42.5% by 2030, with the ultimate objective of achieving net-zero emissions by 2050. Notably, in the fiscal year of 2022, Tapestry successfully reduced its total GHG emissions by 5% compared to the previous year.
In addition to tackling emissions, Tapestry has also updated its volunteering goals. Having previously accomplished its target of 100,000 volunteering hours by 2025, the company now aims to reach a new goal of 500,000 volunteering hours by 2030. Moreover, Tapestry has introduced new targets related to environmentally preferred materials, with a specific focus on crucial raw materials and manufacturing processes.
The report highlights Tapestry’s progress in various areas during the year 2022. For instance, the company has significantly increased its usage of renewable energy, which now accounts for 67% of energy consumption in Tapestry’s stores, offices, and fulfillment centers. Additionally, Tapestry has committed to aligning 10% of annual incentive compensation for executives with the company’s advancement in promoting equity, inclusion, and diversity.
Furthermore, Tapestry has made noteworthy contributions towards supporting environmental and social causes. This includes a four-year, $3 million partnership with the World Wildlife Fund (WWF) and financial support for the establishment of the Social Justice Center (SJC) at the Fashion Institute of Technology through the Tapestry Foundation.
Joanne Crevoiserat, the CEO of Tapestry, Inc., has expressed the company’s dedication to creating a future that is both aesthetically pleasing and responsible. She emphasized that Tapestry’s brands, which include Coach, Kate Spade, and Stuart Weitzman, not only offer exceptional products but also actively work towards safeguarding the planet, communities, and individuals.
Tapestry’s new ESG strategy and goals exemplify the company’s commitment to sustainable practices and its recognition of its role in driving positive change beyond the bounds of the fashion industry. As consumer preferences increasingly prioritize sustainability, Tapestry’s proactive approach positions it as a leader in responsible business practices. Through its comprehensive efforts to address environmental and social challenges, Tapestry is paving the way for a more sustainable and inclusive future in the fashion world.
Useful Links:
1. Tapestry
2. World Wildlife Fund (WWF)
