Tapestry, Inc. Provides Update on COVID-19 Response Initiatives

Tapestry, Inc. (NYSE: TPR), a leading New York-based house of modern luxury accessories and lifestyle brands, today announced a coordinated set of initiatives intended to support its employees and communities as well as to enhance financial flexibility during the economic disruption caused by the global COVID-19 pandemic.

“In this period of unprecedented volatility, we are focused on our stakeholders, including our employees and stockholders. We are taking immediate steps to support our employees and local communities. In addition, out of an abundance of caution, we have acted to augment our strong liquidity and reinforce our financial flexibility,” said Jide Zeitlin, Chairman and Chief Executive Officer of Tapestry, Inc. “We have an 80-year history of successfully navigating external crises. Our three brands are powerful and resonate deeply with consumers globally. This, along with the resilience of our teams, underscores our confidence in the future.”

Distribution Network

Tapestry continues to closely monitor developments and is committed to taking appropriate actions to protect the health and safety of its employees, customers and communities.

• In light of continued efforts to slow the transmission of COVID-19, Tapestry has extended store closures in North America and Europe for an additional two weeks (through April 10^th). The Company will reassess store closure decisions on a bi-weekly basis. Employees at closed locations will continue to receive pay and benefits over the next four weeks.
• Across all three brands, nearly all of the Company’s stores in China have re-opened and customers are gradually returning to our stores. Elsewhere in Asia, the majority of our stores are open, but operating on shortened hours.
• Tapestry’s e-commerce platforms and distribution centers remain operational globally, across all major regions. Our brands continue to engage with customers online and through social media. Tapestry has implemented enhanced measures to safeguard the health, safety and well-being of team members who are working in its distribution facilities.

Community Support

Giving back to the community has always been one of Tapestry’s core values.

• During this crisis, our foundations will match gifts made by Tapestry employees in North America to support qualified charitable COVID-19 causes, up to $10,000 per employee under Tapestry’s matching gift program. The Coach Foundation will also make an additional contribution to an organization crowd-sourced by employees in North America.
• Importantly, the Coach and kate spade new york Foundations are actively pursuing opportunities to partner with private and public sector entities to provide assistance to the most vulnerable.
• Finally, the Company will be donating 15,000 masks to hospitals in the U.S., the U.K. and Spain, with additional masks expected to be delivered in April.

Financial Flexibility