RTTNews | Jul 28, 2021 09:13AM EDT

09:13 Wednesday, July 28, 2021 (RTTNews.com) - Tapestry, Inc. (TPR), a New York-based house of modern luxury accessories and lifestyle brands, on Wednesday said it will pay $15 U.S. minimum wage for hourly employees.

Other initiatives include formation of the Tapestry Foundation, linking a portion of incentives to equity and diversity goals, and special appreciation bonus for global store employees as well as initiatives of the "Our Social Fabric" corporate responsibility agenda.

The Tapestry Foundation, being funded by an initial contribution of $25 million from Tapestry, Inc. and a contribution of $25 million from the Coach Foundation would be responsible for certain ongoing Company-wide programs previously covered by the Coach Foundation and other grants in line with its mission.

Tapestry plans to award global store associates and store managers who do not otherwise participate in the Company's annual incentive plans with a one-time appreciation bonus of $500 and $1,000, respectively. The U.S. Tapestry employees will also earn a wage of at least $15 per hour.

The shares of Tapestry Inc closed trading on July 27 at $41.02, down $0.23 or 0.56 percent from previous close.

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