What's Happening?
Tapestry, the parent company of luxury brands Coach and Kate Spade, has been recognized for its environmental sustainability leadership, making significant year-over-year gains in reducing greenhouse gas
emissions, water usage, and waste generation. The company improved its greenhouse gas emissions by more than 25 percent, its water usage score by 16 percent, and its waste generation score by almost 10 percent. Tapestry's Fabric of Change strategy focuses on investing in a diverse workforce, biodiversity solutions, product innovations designed to minimize waste and pollution, and empowering communities to support the supply chain. The company has achieved 96 percent renewable energy for its global operations and sourced 99 percent of its leather from Silver- or Gold-rated Leather Working Group leather tanneries.
Why It's Important?
Tapestry's achievements in sustainability are significant as the fashion industry is known for its environmental impact. By outperforming industry averages in key sustainability metrics, Tapestry sets a benchmark for other companies in the sector. The company's commitment to renewable energy and sustainable sourcing practices not only reduces its carbon footprint but also influences consumer behavior, as more consumers are willing to spend on sustainably produced goods. This shift towards sustainability can drive long-term changes in the industry, encouraging other brands to adopt similar practices.
What's Next?
Tapestry plans to continue its sustainability efforts by supporting new solar capacity projects and aims to have 40 percent renewable energy in its supply chain by Fiscal Year 2030. The company also plans to phase out coal completely by 2026. These initiatives are expected to further enhance Tapestry's sustainability profile and influence industry standards. As consumer demand for sustainable products grows, Tapestry's ongoing commitment to environmental responsibility may strengthen its market position and drive industry-wide change.
Beyond the Headlines
The fashion industry's massive carbon footprint makes Tapestry's sustainability efforts particularly impactful. By prioritizing durability, repair, and circularity, Tapestry addresses the long-term challenges of textile waste and environmental degradation. The company's approach to sustainability not only benefits the environment but also aligns with consumer values, particularly among younger generations who prioritize authenticity and self-awareness. Tapestry's initiatives, such as Coach (Re)Loved, demonstrate how luxury brands can merge sustainability with consumer expectations, potentially leading to a more sustainable future for the industry.
