Tapestry CEO, highlights the company's commitment to balancing social and environmental responsibility with profitability. The article discusses how Tapestry aims to create products and take actions that are valued by both consumers and stakeholders, ensuring long-term success.
As fashion companies have grown to embrace a broader purpose, they’ve had to balance social and environmental goals with the profit imperative that drives corporate America. It’s a useful balance — one that both pushes the company to contribute to the community and zeroes in on just how to unlock those profits. Tapestry gave its fiscal 2024 profit report this summer, logging adjusted operating income of $1.25 billion.
On Wednesday, it offered an update on the purpose side of the equation with its annual corporate social responsibility report. “We’re trying to be very transparent and very forthright with our commitments — that everything we do is not only good for the planet and people, but also good for business,” Roe said. “That’s always been an imperative.”“If either one of those get out of balance, you got a problem,” Roe said. If it focuses on making money in all the wrong ways, Tapestry falls short of its goal. Same thing if it does so much good that it leaves no profits for shareholders. He said a merchant or designer might ask him if the company wants to, say, use an innovative sustainable material or “compromise on margin?” “I say we’re not trying hard enough because — if we’re really delivering what the consumer values in a way in which they understand it and it’s brand appropriate — they’re going to pay for it,” Roe said. “In order to be commercially viable and profitable, you have to make products and take actions which your stakeholders and consumers value,” he said. “And what’s the best test of, ‘Do they value it? Do they buy it, and will they pay the price?’ And if they won’t, I would argue maybe we trespassed a little bit, maybe we’re kind of pushing our beliefs individually onto the consumer. They get a vote, real time, all the time.” It’s a stance that has the company leaning in, but looking for purpose-driven approaches that are recognized and rewarded by customer
Tapestry Corporate Social Responsibility Sustainability Profit Consumer Value
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
A year into the job, Texas A&M president performs balancing actStaff relations continue to be important for Mark Welsh III as he rebuilds trust after a hiring controversy.
Read more »
Balancing Act: A Vice-President’s Journey Through Work and FamilyA vice-president at a global advertising agency shares her daily routine, balancing high-level client meetings with the challenges of parenting three children. She highlights the supportive role her husband plays in their household and a humorous anecdote about forgetting an anniversary.
Read more »
A Balancing Act: Tailoring PsA Treatment Strategies for Patients With ComorbiditiesPsA often coexists with a range of comorbidities, which can complicate treatment decisions. By tailoring treatment strategies, clinicians can improve outcomes for their patients.
Read more »
Balancing Act: Mom, Editor, and Ceramist Emily Haynes Finds Time for Her Creative PassionEmily Haynes, a Los Angeles-based ceramist and working mother, juggles multiple roles, including editor, Cub Scout leader, and wife. She finds time to pursue her passion for ceramics in her garage studio, creating bold graphic pieces.
Read more »
Meta asks California AG to block OpenAI’s switch from non-profit to for-profitIn a letter to the state AG, Meta argues that the maker of ChatGPT “should not be allowed to flout the law by taking and reappropriating assets it built as a charity and using them for potentially enormous private gains.”
Read more »
A Bodily Balancing Act: Breakthrough discovery identifies key factor for balancing saturated and unsaturated fatty acids in the bodyResearchers have identified ARMC5 as a key regulator of fatty acid balance in adipose tissue. ARMC5 degrades non-SCAP-bound SREBP1, activating it to regulate stearoyl-CoA desaturase (SCD), an enzyme essential for fatty acid desaturation.
Read more »