Tapestry and WWF will seek cross-industry
partners to expand the scope and scale of the program
Tapestry, Inc. (NYSE: TPR), a leading New York-based house of
modern luxury accessories and lifestyle brands including Coach,
Kate Spade, and Stuart Weitzman, announced today a partnership with
World Wildlife Fund (WWF), through a $3 million philanthropic grant
from the Tapestry Foundation, which is committed to advancing
equity and opportunity through social and environmental
initiatives. This grant will be used 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 goal of the program is to combat deforestation in the Amazon
and Cerrado biomes related to cattle-raising by accelerating the
development of a standard to certify deforestation and
conversion-free (DCF) leather originating from Brazil. Other
portions of the grant will be dedicated to reforestation efforts in
the highest risk areas of these biomes and work with on-the-ground
community partners to help address the immediate threats that
deforestation and climate change pose to local, vulnerable
populations.
“As a global leader in luxury leather goods, we have and will
continue to invest in leather traceability and build on the
progress that’s already been made,” said Joanne Crevoiserat, Chief
Executive Officer of Tapestry, Inc., and Chair of the Tapestry
Foundation Board. “With this grant from the Tapestry Foundation, we
reaffirm our commitment to addressing climate change through
long-term sustainable solutions while also taking immediate action
through reforestation initiatives. In addition, we are inviting
other companies, both within and outside our industry, to partner
with us in these efforts.”
“The Tapestry Foundation was founded to stretch what’s possible
by investing in bold, community-based solutions that support social
and environmental programs focused on access and opportunity,” said
Anne Gates, Chair of the Board of Tapestry, Inc., and member of the
Board of Directors, the Tapestry Foundation. “Our partnership with
WWF is an example of the collaboration that’s required to address
the impact of climate change and the power of committing to
solutions that drive meaningful impact to not just one specific
sector, but across many industries.”
“We believe the leather sector can and must establish a
science-based, data-driven certification that goes beyond the
processes currently in place. This program will work alongside
government agencies and other market stakeholders to construct a
system to enhance traceability and provide a clear chain of
custody,” said Mauricio Bauer, WWF Senior Director, Beef and
Leather Supply Chains. “The Tapestry Foundation’s critical
investment will help the industry work together to gather needed
research and in the creation of a standard that works for both the
environment and for local communities.”
“Our team members have worked closely with WWF for over a decade
and have a longstanding relationship with the Leather Working
Group. We’ve also partnered with WWF, National Wildlife Federation
and the University of Wisconsin to pioneer mapping and traceability
of the leather supply chain from farm of origin to finished
leather,” said David Wright, Senior Director, Materials Development
and Planning, Tapestry, Inc. “As we started thinking about what
more we could do, we quickly realized we had a shared vision. In
tandem with our regenerative agriculture efforts, we can improve
leather value chains at large and help to restore biodiversity in
regions of the world most vulnerable to climate change.”
Tapestry and WWF will foster a coalition of organizations
dedicated to these essential traceability efforts. In the coming
months, the organizations plan to meet with leaders across
industries to build a comprehensive network to address this complex
challenge with the investment, expertise, breadth, and scale that
is required.
This announcement aligns with Tapestry’s commitment to
minimizing the company’s impact on natural resources by promoting
biodiversity initiatives where the company operates. Earlier this
year, Tapestry also launched a new partnership with the Savory
Institute’s Land to Market Program, the first verified sourcing
solution for regenerative agriculture. By utilizing regenerative
raw materials that have a net positive impact on the environment,
Tapestry aims to improve biodiversity and drive a reduction of
carbon emissions.
About The Tapestry
Foundation
The Tapestry Foundation is dedicated to stretching what's
possible by supporting social and environmental programs focused on
access and opportunity, while nurturing the vibrancy of our global
communities. In the fall of 2021, the Foundation committed $1
million as a co-founder of the Fashion Institute of Technology’s
new Social Justice Center, a first-of-its-kind higher education
initiative established to increase opportunity and accelerate
social equity within the creative industries for the Black,
Indigenous, and people of color (BIPOC) community. In addition, the
Tapestry Foundation supports employee giving programs including the
Tapestry Gives employee matching gift and volunteer grant program,
Employee Resource Group charitable grants, and global disaster
response. To learn more about the Tapestry Foundation, please visit
www.tapestry.com/responsibility.
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. The Company’s common stock is traded on the New
York Stock Exchange under the symbol TPR.
This information to be made available in this press release may
contain forward-looking statements based on current expectations.
Forward-looking statements include, but are not limited to,
statements regarding the expected impact of the program and
statements that can be identified by the use of forward-looking
terminology such as “may," “will," “can,” "should," "expect,"
“potential,” "intend," "estimate," "continue,” “commit,” “pledge,”
"project," "pioneer," "anticipate," “goal,” “leveraging,”
“creating,” “accelerating,” “enhancing,” “innovation,” “drive,” or
comparable terms. Future results may differ materially from
management's current expectations, based upon a number of important
factors. Please refer to the Company’s latest Annual Report on Form
10-K, quarterly report on 10-Q and its other filings with the
Securities and Exchange Commission for a complete list of risks and
important factors. The Company assumes no obligation to revise or
update any such forward-looking statements for any reason, except
as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220407005120/en/
Tapestry, Inc. Media: Andrea Shaw Resnick Chief
Communications Officer 212/629-2618 aresnick@tapestry.com
Analysts and Investors: Christina Colone Global Head of
Investor Relations 212/946-7252 ccolone@tapestry.com Kelsey Mueller
212/946-8183 Director of Investor Relations
kmueller@tapestry.com
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