US' Tapestry launches $50mn fund, sets ESG targets for positive change

Tapestry is also committing to a $15 US minimum wage for hourly employees and a special appreciation bonus to its global store employees, the company said in a media release.

The company is also strengthening its dedication to environmental efforts to combat climate change by committing to procure 100 per cent renewable electricity in the company’s stores, offices, and fulfilment centres by 2025.

The Tapestry Foundation is dedicated to advancing equity, opportunity and dignity for all. The Foundation is committed to stretching what's possible by supporting social and environmental programmes focused on access and opportunity, while nurturing the vibrancy of our global communities.

Tapestry has made an initial contribution of $25 million to the foundation. In addition, the Coach Foundation will grant $25 million of its corpus for the endowment of the Tapestry Foundation. The foundation will be overseen by a board of directors comprised of members of the company’s senior management and Anne Gates, who also serves as an independent director of Tapestry.

As part of its 2025 ESG goals, beginning in FY 2022, on a global level, 10 per cent of leadership’s annual incentive compensation will be tied to Equity, Inclusion and Diversity goals.

Tapestry is giving all global employees – whether corporate, retail or in the Company’s fulfilment centres – one paid volunteer day per year, reinforcing its ambition to support their communities and surpass its goal of 100,000 volunteer service hours by 2025. The company is also doubling the reach of its 2025 goal to give workers in factories across its supply chain access to empowerment programmes, increasing its aspiration to reach 100,000 people.

Moreover, Tapestry will be awarding global store associates and store managers who do not otherwise participate in the company’s annual incentive plans a one-time appreciation bonus of $500 and $1,000, respectively. Additionally, beginning September 5, 2021, all US Tapestry employees will earn a wage of at least $15 per hour.

Fibre2Fashion News Desk (KD)