Ensure that the Owner of Versace, Michael Kors and Jimmy Choo Improves its Supply Chains

Capri Holdings should issue a report assessing if and how the Company could increase the scale, pace and rigour of its efforts to improve traceability and risk assessment as well as worker voice in its supply chains.

Ensure that the Owner of Versace, Michael Kors and Jimmy Choo Improves its Supply Chains

Capri Holdings should issue a report assessing if and how the Company could increase the scale, pace and rigour of its efforts to improve traceability and risk assessment as well as worker voice in its supply chains.

Tulipshare filed a shareholder proposal requesting that Capri Holdings issue a report assessing if and how the Company could increase the scale, pace and rigour of its efforts to improve traceability and risk assessment as well as worker voice in its supply chains. After engaging with Capri Holdings, Tulipshare is pleased to announce that the Company has committed to enhance its human rights-related disclosures, including its policies regarding freedom of association and collective bargaining.

Tulipshare filed a shareholder proposal requesting that Capri Holdings issue a report assessing if and how the Company could increase the scale, pace and rigour of its efforts to improve traceability and risk assessment as well as worker voice in its supply chains. After engaging with Capri Holdings, Tulipshare is pleased to announce that the Company has committed to enhance its human rights-related disclosures, including its policies regarding freedom of association and collective bargaining.

Capri Holdings (Capri) lags in transparency disclosures and remediation procedures when compared to peers. Companies that do not adequately mitigate human rights violations in their supply chains are exposing themselves and their investors to material financial risk.

Unlike Capri, competitor Burberry discloses information on its tracing of raw materials, the percentage of its first-tier and raw material suppliers covered by collective bargaining agreements, strengthened migrant worker policies and a wellbeing tool that engages workers.

While Capri has an audit program covering issues including wage, hour and labour laws and health, safety and environmental regulation, the Company does not mention anything about ensuring its manufacturers have an age verification process. In fact, Corporate Human Rights Benchmark scores Capri with zeros on each of the six indicators regarding human rights due diligence.

Further, Capri does not provide a supplier list or data on purchasing practices, data on improvements of freedom of association and remediation procedures for supply chain workers in high-risk sourcing areas such as China. The Company also does not disclose the steps it has taken to address the risks of alleged Uyghur forced labour across its supply chain tiers.

Capri’s Code of Conduct for Business Partners states its own operation and business partners should respect the legal rights of employees to freely and without harassment participate in worker organisations, shall not use any form of slave, forced, prison, or child labour, and disallow any form of discrimination. Nonetheless, there is no evidence to respect the right to collective bargaining and Capri also does not mention the International Labour Organisation Declaration, including in its own operations.

Capri states that it has a “responsibility to those who work with us” and that “the success of our company is directly linked to the sustainability of the world around us.” Shareholders agree and encourage the Company to take steps to ensure workers in its supply chains are aware of their rights and are able to exercise their rights of freedom of association and collective bargaining.

Failure to adopt and implement policies that mitigate these exposures may subject Capri and its investors to significant systemic and company specific risks.

Next AGM

Capri Holdings' 2023 Proxy Statement was released on June 15, 2023. The company's next AGM will be held in person at company headquarters on August 2, 2023.

RECORD DATE

The record date pertains to the date by which investors must hold their shares in a company in order to participate in the company’s AGM. Capri Holdings’ 2023 record date is June 1, 2023. Please note that based on current New York Stock Exchange rules your broker will NOT be able to vote your ordinary shares with respect to the election of directors (Proposal No. 1) or the say on pay vote (Proposal No. 3) if you have not provided instructions to your broker.

Voting at the AGM

If you hold Capri Holdings stock before the next AGM record date, you will be eligible to vote at the next AGM and receive an email from us closer to the deadline.

how activism Investment works

how activism Investment works

What is shareholder activism?

Shareholder activism is when shareholders use their influence as owners of a company to effectuate change within the organisation.

What is Tulipshare?

Tulipshare is an sustainable investment fund and shareholder advocacy group on a mission to help investors push for stronger environmental and social commitments, using corporate governance to create a positive impact and ensure the companies we invest our money in are being responsibly managed by accountable leadership.

How does Tulipshare improve sustainability through investing?

Tulipshare addresses issues pertaining to climate change, human rights, racial and gender equity, political spending and operational transparency within some of America’s biggest publicly traded companies - issues that if left unaddressed could expose a company and its investors to significant legal, reputational and financial risks.

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Tulipshare Ltd. Registered Office: 64 Nile Street, International House, London N1 7SR. | Registered in England & Wales. Company No: 12870288.
Your privacy is important to us. Please read our Privacy Policy to understand how we collect, use and share information about you.

No Investment Advice:
The information provided on this website is for informational purposes only and should not be considered as investment advice. We do not provide personalised investment recommendations or endorse any particular trading strategy. Any decision to engage in trading activities is solely at your own risk. You are responsible for conducting your own research and making informed investment decisions.