Tapestry, the parent company of Coach, Kate Spade and Stuart Weitzman, has published its Corporate Responsibility (CR) Fiscal Year 2024 (FY24) report, outlining its strides in sustainability, social impact and community engagement.
The Fabric of Change road map to a sustainable future is the company’s strategy, focusing on four pillars: people, planet, products and communities. It is based on the premise that responsible choices can also be aesthetically pleasing.
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2024 is the 12th consecutive year that Tapestry has issued a CR report focusing on relevant developments within this domain. It provides updates on CR objectives, includes performance data for FY24 spanning 2 July 2023 to 29 June 2024 and encompasses all data within the company’s operational control.
The report’s structure conforms to prominent sustainability reporting standards such as those set by the Global Reporting Initiative (GRI) and the Sustainability Accounting Standards Board (SASB).
Key FY24 highlights for Tapestry include:
– Advancements in environmental responsibility and sustainability. Tapestry cut its Scope 1 emissions [from sources it owns or controls] and Scope 2 emissions [those which are a consequence of its activities but occur from sources not owned or controlled by it] of greenhouse gases (GHG) by 84% from its FY2021 baseline, meeting its science-based targets largely through renewable energy investments in its operations.
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By GlobalData– Introduction of more sustainable product innovations such as Coach’s reintroduction of the Soho Bag with a variant made from reused denim, which significantly cuts GHG emissions and water usage compared to traditional new denim.
– Continuation of commitment to community investment, with employees globally contributing more than 65,000 volunteer hours. This effort contributes to Tapestry’s goal of reaching half a million volunteer hours by 2030. Additionally, by FY2025, empowerment programmes will be accessible to 100,000 factory workers producing the company’s goods.
– Recognition of workplace culture and employee welfare. Tapestry has garnered more than ten global accolades from entities such as Forbes and Fortune for outstanding employer practices.
Tapestry CEO Joanne Crevoiserat stated: “We believe that investing in our communities, people and sustainability initiatives drives innovation and long-term success and resilience for Tapestry and our portfolio of brands.
“I am incredibly proud of the milestones our teams achieved in the last year, and we continue to see opportunities ahead.”
In November 2024, Tapestry terminated its merger agreement with Capri Holdings, the owner of Versace, Jimmy Choo and Michael Kors. The merger was abandoned after US district judge Jennifer Rochon blocked the $8.5bn deal.
