Section 172 Statement

Coach Stores Limited (the "Company") - Section 172(1) Statement

The company is a wholly owned subsidiary of Tapestry, Inc. (together with its subsidiaries will be referred to as the "Tapestry Group" or "Tapestry" throughout this report), a company listed on the New York Stock Exchange under the ticker 'TPR'. Tapestry is a leading New York-based house of modern luxury accessories and lifestyle brands which includes Coach, Kate Spade New York and Stuart Weitzman. Tapestry is powered by optimism, innovation and inclusivity.

The Tapestry Board oversees the management of Tapestry Group's business, including, but not limited to, setting strategic priorities, assessing major risks facing the company and reviewing options for mitigating these risks and, along with the support of its committees, overseeing the compensation programs and policies.

Under section 172(1) of the Companies Act 2006 ("section 172"), the directors are required to act in a way that they consider, in good faith, would most likely promote the success of the company. This success must be for the benefit of the company's shareholder but also for all other stakeholders (for example, including employees). The directors of the company include members of Tapestry's Executive Committee and are heavily involved in the development and execution of the Tapestry Group's strategy and purpose. The directors are able to assess and, where necessary, challenge the appropriateness of the strategy for the company - they act in the best interest of the company notwithstanding their role in the Group. The directors are able to ensure decisions taken by the company are consistent with the Group's overall strategy and purpose. The company believes that the Board's leadership structure provides appropriate oversight of the company's activities.

The company continues to be focused on driving meaningful positive change for the betterment of its employees, business partners, and communities, and for a safe and sustainable planet. Tapestry did not allow the volatility of recent years to change its long-term objectives - rather it was a catalyst to accelerate the Group's strategic agenda.

Building on the success of the strategic growth plan from fiscal 2020 through fiscal 2022 (the "Acceleration Program"), in the first quarter of fiscal 2023, the Tapestry group introduced the 2025 growth strategy ("futurespeed"), designed to amplify and extend the competitive advantages of the brands, with a focus on four strategic priorities:

  1. Building Lasting Customer Relationships: The company's brands aim to leverage Tapestry's transformed business model to drive customer lifetime value through a combination of increased customer acquisition, retention and reactivation.
  2. Fueling Fashion Innovation & Product Excellence: The company aims to drive sustained growth in core handbags and small leathergoods, while accelerating gains in footwear and lifestyle products.
  3. Delivering Compelling Omni-Channel Experiences: The company aims to extend its omni-channel leadership to meet the customer wherever they shop, delivering growth online and in stores.
  4. Powering Global Growth: The company aims to support balanced growth across regions, prioritizing North America and China, its largest markets, while capitalising on opportunities in under-penetrated geographies such as Southeast Asia and Europe.


The engagement of customers and nurturing customer relationships is at the core of Tapestry's business. The guiding principle of Tapestry's Acceleration Program is to better meet the needs of each of its brands' unique customers by sharpening its focus on the consumer, leveraging data and leading with a digital-first mindset and transforming into a leaner and more responsive organisation.

For the Tapestry Group, evolving customer preferences require close cooperation to understand their needs and anticipate market trends. Customers are increasingly concerned about the consequences of climate change and are looking to Tapestry for more sustainable solutions. To reduce the impact of our business on the environment and drive positive impact across our value chain, the Group launched bold 2025 sustainability goals in April 2019. Our 2025 strategy sets measurable goals for reducing our greenhouse gas emissions, decreasing waste and water use, and sourcing our materials in an ethical and responsible manner. More information on our 2025 goals can be found at


The Tapestry Group recognises the importance of its relationships with its suppliers globally. We work closely with contractors to mitigate risks and improve practices, ensuring our suppliers abide by our Supplier Code of Conduct (please refer to for a copy of this document), which enforces compliance with our rigorous operational and compliance requirements. Our 2025 goal of achieving 95% traceability is part of our long-term corporate responsibility strategy to achieve greater transparency across our supply chain, and to uphold high standards pertaining to both environmental and social compliance. Developing new and maintaining existing relationships with our suppliers is essential to meeting this goal. More information on our 2025 goals can be found at


Our employees are vital to the success of our business. Tapestry is made up of many stories, backgrounds and perspectives, each playing an important part in creating the Tapestry that we believe in and our culture of belonging; and is paramount to our long-term success. We want Tapestry to be a place where our employees love to work, where they feel recognised and rewarded for all that they do.

Tapestry is devoted to being an engaging, innovative, inclusive and diverse workplace. One of the ways we stay connected to our talent is through regular internal surveys. We complete a cadence of regular employee surveys three times each year: once for corporate and retail employees combined and two additional times for our corporate employees. From FY22, we started additional onboarding surveys for our corporate employees within their first 120 days at Tapestry to better understand the onboarding experience and its impact on employee engagement.

From FY22, we shifted our focus to employee education, along with providing opportunities for reflection and learning. In FY22, despite the more challenging backdrop of labour and economic headwinds, we made progress in increasing our racial/ethnic diversity across our employees globally. We continue to work on qualitative actions toward more inclusive, progressive and effective hiring practices across the company, especially in the ways we engage talent from non-traditional backgrounds.

We place an emphasis on internal mobility and, through various development programs, facilitate opportunities to help our employees acquire the knowledge, skills and confidence necessary to continue their development at every stage of their career. We want to foster an inclusive culture and be a talent engine where talent can thrive. Our People and Organisational team launched several diverse and exciting programs since 2019 designed to develop awareness and understanding for inclusion, people management and design-led thinking. This includes the launch of our European Inclusion Counsel and, through partnering with MindGym, an Inclusion Training Program for people managers focused on how to create a safe work environment for our employees to share their perspectives and bring their authentic selves to work.

Employee engagement is integral to the Tapestry Group. Formal and informal processes are used to engage and be transparent with employees. This includes, but is not limited to, global webinars with the Executive Committee on a quarterly basis to discuss the Group's financial results and other key happenings in the business.

Please refer to our Corporate Social Responsibility report found at

Interests of the Group - Global Business Integrity Program

Typically in large companies, the directors fulfil their duties partly through a governance framework that delegates day-to-day decision making to the employees of the company. The Board recognises that such delegation needs to be part of a robust governance structure, which covers our values, how we engage with our stakeholders and how the Board assures itself that the governance structure and systems of controls continue to be robust. Accordingly, the Tapestry Board expects the company's directors, as well as officers and employees, to act ethically at all times and to acknowledge their adherence to the Group's Code of Conduct and the policies comprising the Group's Global Business Integrity Program. The Global Business Integrity Program consists of the five published documents described below. Copies of these documents can be found at

  1. The Code of Conduct is issued to our employees worldwide and outlines the significant legal and ethical issues that frequently arise in the course of business and describes the key responsibilities all employees, directors and officers are expected to uphold and comply with in conjunction with our values and policies.
  2. The Global Operating Principles set forth the minimum standards by which we expect each strategic partner will operate and conduct business. These global principles also convey to our employees and all public constituencies our values, commitments and goals.
  3. The Anti-Corruption Policy describes our commitment to integrity and explains the specific requirements and prohibitions applicable to our operations under anti-corruption laws, including, but not limited to, the U.S. Foreign Corrupt Practices Act of 1977, as amended ("FCPA").
  4. The Animal Welfare Policy sets forth our commitment to principles and practices that require animals in our supply chain to be treated with care and respect.

These principles and philosophies that govern our operations and businesses are based not only on laws and regulations, but are also founded on dignity and respect for the individual, a strong commitment to common sense, fairness, diversity, and ethical business practices and policies. In order to monitor the adherence to these principles, we created a Global Business Standards Committee comprised of senior executives. We also have an Ethics and Compliance Reporting System on which employees and others can report issues with and deviations from our principles and philosophies. We are committed to the promulgation, application, and continued development of these principles at each location where we operate.

This statement can also be found in the Company's audited financial statements for the
period ended 1 July 2023.