Tapestry, Inc., Recognized for Work in Social Impact and Community Investment, Named one of the 50 Most Community-Minded Companies in the US
Tapestry celebrates the honor, the first time the company has taken part in the annual Points of Light survey
NEW YORK–(BUSINESS WIRE)–
Tapestry, Inc. (NYSE: TPR), a leading New York-based house of iconic accessories and lifestyle brands consisting of Coach, kate spade and Stuart Weitzman, today was named by Points of Light a 2023 honoree of The Civic 50, recognizing the top community-minded companies in the United States according to an annual survey. Points of Light is dedicated to accelerating people-powered change.
Now in its eleventh year, The Civic 50 is a national standard for corporate citizenship and showcases how leading companies are moving social impact, civic engagement and community to the core of their business. The Civic 50 honorees are companies with annual U.S. revenues of at least $1 billion and are selected based on four dimensions of their corporate citizenship and social impact programs: investment of resources and volunteerism, integration across business functions, institutionalization through policies and systems and impact measurement.
Tapestry is on a journey to create a values-driven, people-centered company that balances true fashion authority with meaningful, positive change. The company and its house of brands put corporate citizenship at the core of its business, through its work in social impact, sustainability and equity and inclusion.
“Tapestry and our brands are driven by a shared purpose to stretch what’s possible for our people, our planet, and our communities. We believe that by working to address some of the most pressing issues facing our communities and planet – including empowering diverse voices and talent, providing resources around mental health and well-being, and improving sustainability in the fashion industry –we can build a better-made future for all,” said Joanne Crevoiserat, Chief Executive Officer of Tapestry, Inc.
In 2023, Points of Light recognized Tapestry for its work in several key areas, across its three brands:
VOLUNTEERING and GIVING
- Tapestry Gives, Tapestry’s global employee engagement program offers all global employees, including part- and full-time corporate, field and fulfillment center employees, up to one paid day a year of Volunteer Time Off to support causes they are most passionate about. FY2022 marked the most volunteer hours completed by employees since the company set its 2025 goal in 2018.
- Tapestry also uses its financial resources to invest in communities where we live and work. In FY (Fiscal Year) 2022, the company reached $40M in collective giving across all three brands to dozens of nonprofits that align with social impact goals. Tapestry also donated $30M in product donations in FY2022 through programs like Coach Dream It Real Closets and other strategic allocations tied to the missions of the brand’s respective foundations.
- In 2022, Tapestry launched a $3 million four-year partnership between the Tapestry Foundation and World Wildlife Fund (WWF) designed to accelerate the development of an industry-wide standard to certify deforestation and conversion-free (DCF) leather originating from Brazil as part of Tapestry’s commitment to transparency and supply chain traceability.
ACCESS and INCLUSIVITY
- Dream It Real is the Coach Foundation’s core mission focused on creating opportunities and removing barriers for the next generation of young people who have the courage to dream it real. Dream It Real has reached over 150,000 young people around the world and has a goal to provide 5,000 scholarships to students by 2025.
- kate spade new york is a champion for women’s mental health for over a decade and believes that good mental health is a fundamental human right for everyone. Through its social impact work, kate spade new york aims to address a truer, fuller spectrum of a woman’s joy by putting mental health at the heart of their women’s empowerment work. In 2021, kate spade new york and its foundation invested $3 million to support the empowerment and mental health of women and girls with 25 partners globally. In addition, the company has continued to use its brand platform to help destigmatize the topic of mental health and bring resources to its employees, customers and community.
- In FY22, Stuart Weitzman expanded their partnership with Vital Voices investing in the organization to help launch the Bold Moves Grant. This effort directs significant investment to five inspiring women leaders, fostering lasting change in their communities.
“Companies play a critical role in creating thriving, participatory communities,” said Diane Quest, interim president and CEO, Points of Light. “Companies like Tapestry set a model for others, showing how to best use employee talent, business assets and integration to create meaningful impact, and we’re thrilled to uplift and celebrate their work as an honoree of The Civic 50 2023.”
The Civic 50 survey is administered by True Impact, and the results are analyzed by VeraWorks. The survey instrument consists of quantitative and multiple-choice questions that inform the scoring process. The Civic 50 is the only survey and ranking system that exclusively measures corporate community engagement.
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.
Follow and connect with Tapestry on LinkedIn and Instagram or visit our newsroom. To build your future at Tapestry, find our latest job opportunities on our careers page.
About Points of Light
Points of Light is a nonpartisan, global nonprofit organization that inspires, equips and mobilizes millions of people to take action that changes the world. We envision a world in which every individual discovers the power to make a difference, creating healthy communities in vibrant, participatory societies. Through 145 affiliates across 39 countries, and in partnership with thousands of nonprofits and corporations, Points of Light engages 3.7 million people in 16.7 million hours of service each year. We bring the power of people to bear where it’s needed most. For more information, visit pointsoflight.org.
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Andrea Shaw Resnick
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Global Head of Investor Relations
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KEYWORDS: United States North America New York
INDUSTRY KEYWORDS: Environment Luxury Other Retail Specialty Sustainability Philanthropy Fashion Foundation Other Philanthropy Retail