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Coach parent to raise U.S. minimum wage to $15, offer bonuses up to $1,000

Tapestry Inc. (TPR) said Wednesday that it will raise wages for all U.S. employees to at least $15 per hour, effective September 5. In addition, current global store employees and managers who have worked for the company since March 31, 2021 and don't participate in the annual incentive plan will be eligible for a one-time bonus of $500 and $1,000, respectively. Early in the pandemic, Tapestry continued to pay wages during store closures. Tapestry labels include Coach, Kate Spade and Stuart Weitzman. The wage hike is part of an announcement that includes a $25 million initial contribution in the new Tapestry Foundation, and a $25 million grant from the Coach Foundation. The Tapestry Foundation will handle some of the programs previously managed by the Coach Foundation. And the company is making new environmental, social and governance (ESG) commitments, including tying 10% of leadership's annual compensation to diversity and inclusion goals starting fiscal 2022, and the addition of one paid volunteer day per year for all employees in order to reach the goal of 100,000 service hours by 2025. The company has also made a commitment to using 100% renewable energy in stores, offices and fulfillment centers by 2025. Tapestry stock has run up 32% for the year to date while the S&P 500 index has gained 17.2% for the period.

-Tonya Garcia; 415-439-6400;


(END) Dow Jones Newswires

07-28-21 0751ET

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