Tapestry’s new equity stake in Gen Phoenix marks a significant increase from its initial investment in 2023.
In April 2023, Gen Phoenix secured $18m in funding led by venture capital firm Material Impact, with participation from industry names like Dr Martens, Tapestry and Kate Spade.
Both companies have expanded their partnership through a three-year supply contract and an additional investment from Tapestry, contributing to Gen Phoenix’s $15m Series funding round spearheaded by Material Impact.
The investment will strengthen Gen Phoenix’s position as a material innovation partner for Tapestry’s brands, granting them access to advanced materials at scale.
It will also propel both entities towards their sustainability objectives and business ambitions.
For Tapestry, it ensures supply chain robustness and aligns with the values of modern consumers.
Tapestry CFO and COO Scott Roe said: “This investment reflects our belief in the power of innovation to drive both purpose and profit. Gen Phoenix’s platform enables circularity at scale—delivering high-quality materials that meet the style, performance, and impact expectations of today’s consumer.
“As global leader in quality leather goods, we see significant opportunity to be a catalyst of next-generation materials that are consistent with our heritage of craftsmanship. This partnership reinforces our commitment to leading the fashion industry in sustainable innovation and ensuring a resilient, future-ready supply chain.”
Gen Phoenix will use proceeds from the funding to broaden its market reach, expand production capabilities at its UK facility, which can produce over 60 million ft2 annually.
The company will also expedite the research and commercialisation of its full-circle leather product that incorporates post-consumer waste.
Gen Phoenix CEO John Kennedy said: “This expanded partnership marks a major milestone—not just for Gen Phoenix, but for the future of sustainable materials. Together with Tapestry, we’re proving that circular innovation can meet the demands of global brands without compromise.”
The two parties established partnership in 2022 and have shared resources in research and development, production facilities, and design expertise to craft a material that respects the traditional leather heritage while promoting circularity.
“Tapestry ups Gen Phoenix stake to boost sustainable leather supply” was originally created and published by Just Style, a GlobalData owned brand.
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