Tapestry and WWF will seek cross-industry partners to expand the scope and scale of the program
July 06, 2022 05:07 PM Eastern Daylight Time
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.”