Macy's Inc. M, -1.67% said Tuesday it is planning to spend $5 billion by 2025 to create a more equitable and sustainable future, with the launch of its Mission Every One, a social purpose platform. In addition to using more sustainable materials, the company is raising its minimum wage for all workers to $15 an hour from May 1 and will offer fully funded education for colleagues starting in March.
"The social purpose platform is built on three pillars of impact -- people, communities, and planet -- and will direct $5 billion of the company's spend, scaling through 2025, to the partners, products, people, and programs that help create a more equitable and sustainable future," the company said in a statement. Shares were down 1% premarket, but have gained 69% in the last 12 months, while the S&P 500 SPX, -0.24% has gained 12%.
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