US-based Coach owner Tapestry has launched the $50 million Tapestry Foundation to advance access and equity initiatives and combat climate change, as per the company corporate responsibility (CSR) report for fiscal year 2021. The CSR report has highlighted new biodiversity and circularity initiatives to minimise impact on natural resources.

“Tapestry’s approach to corporate responsibility is based on driving real, measurable change towards a more sustainable, equitable and inclusive world. I am incredibly proud of the great strides that we made in fiscal year 2021 that are detailed in our Social Fabric Corporate Responsibility report,” said Joanne Crevoiserat, chief executive officer of Tapestry, Inc.

“Among them are the announcement of an ambitious expansion of our 2025 goals and signing the Science Based Targets initiative’s Business Ambition for 1.5°C, committing to set science-based targets to limit global warming to 1.5°C and achieve net zero emissions by 2050, remaining steadfast in our efforts to make a difference and create a better world,” explained Crevoiserat

The report highlights the progress made towards key ESG topics across three pillars: Our People, Our Planet and Our Communities. The report outlines the expansion of several of Tapestry’s ESG goals for 2025 with new bold commitments and the launch of a biodiversity strategy.

In fiscal year 2021, Tapestry conducted a comprehensive materiality assessment to identify and prioritise the ESG topics that are most important to the company’s business and stakeholders. The results of this assessment are being used to inform Tapestry’s ESG strategy and to ensure the company is communicating to stakeholders on the issues and topics that are most important to them.