NEW YORK--(BUSINESS WIRE)--Apr. 9, 2020--
Tapestry, Inc. (NYSE: TPR), a leading New York-based house of modern luxury accessories and lifestyle brands, today announced additional community support initiatives to address the ongoing COVID-19 health crisis.
In addition to its previously announced $2,000,000 commitment to support New York City small businesses, Tapestry, through its Coach Foundation, announced its intention to expand investment in communities affected by COVID-19, while the kate spade new york foundation will be making a donation to support frontline workers and provide emergency funds to existing grantees. Tapestry has also launched an initiative to manufacture medical equipment for healthcare workers by repurposing its existing 3D printing capabilities in New York.
“I am incredibly proud of the initiative and dedication shown by our people and our partner organizations in finding new ways to support our communities during this difficult time,” said Jide Zeitlin, Chairman and Chief Executive Officer of Tapestry, Inc. and Chairman of the Coach Foundation. “We are committed to quickly mobilizing resources to support healthcare workers and community organizations on the front lines of this public health crisis.”
The Coach and kate spade new york Foundations continue to actively pursue opportunities to partner with private and public sector entities to provide assistance to the most vulnerable.
The Coach Foundation, in evaluating the areas of greatest need for community support, announced its intention to commit:
$200,000 to support COVID frontline assistance charities in the United Kingdom, Spain, Italy, France, and Germany selected by Tapestry’s European employees.
$200,000 to CFDA’s A Common Thread COVID response.
$50,000 to the British Fashion Council COVID response through the Foundation’s Fund at CAF America.
Separately, the kate spade new york foundation, will be donating:
$100,000 to partner Crisis Text Line to fund the #Forthefrontlines Initiative which will provide crisis counseling and emotional support to doctors and nurses who are feeling the immediate, and ongoing, effects of the heavy stress as they face this crisis head on. This program will be operational in the US, United Kingdom, Ireland and Canada.
An additional $100,000 to ten existing grantees (who will receive $10,000 each) to provide short-term emergency funding needs inclusive of: technology needs, virtual programming adaptation, covering missed revenue and emergency needs of each nonprofit.
In addition, Tapestry announced an employee-initiated volunteer program that is coordinating with 3D printing industry bodies to repurpose the Company’s existing 3D printers to support healthcare professionals. This will include the printing of disposable parts required for respirators and ventilators, test swabs, and face shields. Resources will also be made available to create 3D printed parts for R&D prototypes needed by engineers and specialists working on COVID-19 related development projects. The initiative is being coordinated with various 3D printing industry bodies, along with the NIH 3D Print Exchange and 3D printing companies.
Finally, the Coach brand will be donating product with a retail value of over $3.5 million to COVID-19 related charities and impacted individuals.
About Tapestry, Inc.
Tapestry, Inc. is a New York-based house of modern luxury lifestyle brands. The Company’s portfolio includes Coach, Kate Spade and Stuart Weitzman. Our Company and our brands are founded upon a creative and consumer-led view of luxury that stands for inclusivity and approachability. 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. 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.
About the Coach Foundation
Founded in 2008, the Coach Foundation brings our philanthropic initiatives to life. To date it has granted more than $50 million to nonprofit partners all over the world. For more information on Tapestry’s philanthropic initiatives, please visit Our Social Fabric at www.tapestry.com/responsibility.
About the kate spade new york Foundation
The kate spade new york Foundation empowers women and girls to be the heroines of their own stories. The Foundation gives away $1 million annually to nonprofits investing in the empowerment journey of women and girls in the following areas: increasing agency, improving mental wellbeing, providing access to economic opportunity and creating communities of support. Grants have supported organizations like Crisis Text Line, Fountain House, Girls Inc, Girls Who Code, International Rescue Committee and Rising Tide Capital.
This information to be made available in this press release may contain forward-looking statements based on management's current expectations. Forward-looking statements include, but are not limited to, statements that can be identified by the use of forward-looking terminology such as "may," "will," “can,” "should," “confident,” “future,” "expect," "intend," "estimate," "continue," "project," "guidance," "forecast," “outlook,” “believe,” "anticipate," “proactive,” “preemptive,” “excited about,” “moving,” “leveraging,” “capitalizing,” “developing,” “drive,” “targeting,” “assume,” “plan,” “build,” “pursue,” “maintain,” “on track,” “well positioned to,” “commit,” “look forward to,” “to acquire,” “achieve,” “strategic vision,” “growth opportunities” or comparable terms. Future results may differ materially from management's current expectations, based upon a number of important factors, including risks and uncertainties such as expected economic trends, the ability to anticipate consumer preferences, the ability to control costs and successfully execute our transformation and operational efficiency initiatives and growth strategies and our ability to achieve intended benefits, cost savings and synergies from acquisitions, the risk of cybersecurity threats and privacy or data security breaches, the impact of tax legislation, the impact of the COVID-19 outbreak, etc. Please refer to the Company’s latest Annual Report on Form 10-K, Quarterly Report on Form 10-Q and its other filings with the Securities and Exchange Commission for a complete list of risks and important factors. The Company assumes no obligation to revise or update any such forward-looking statements for any reason, except as required by law.
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Analysts & Media:
Andrea Shaw Resnick
Global Head of Investor Relations and Corporate Communications
Vice President, Investor Relations
Source: Tapestry, Inc.