Tapestry increases equity stake in Gen Phoenix, following initial investment in 2023. Gen Phoenix secured $18m in funding in April 2023, led by Material Impact, with participation from Tapestry and others. The partnership expands with a three-year supply contract and additional investment, supporting Gen Phoenix’s $15m Series funding round.

The investment strengthens Gen Phoenix’s position as a material innovation partner for Tapestry, promoting access to advanced materials at scale. Both companies aim to achieve sustainability goals and business ambitions, ensuring supply chain robustness and meeting modern consumer values. Tapestry’s CFO and COO emphasize the power of innovation to drive purpose and profit through circularity at scale.

Gen Phoenix plans to broaden market reach and expand production capabilities at its UK facility, capable of producing over 60 million ft2 annually. The company will accelerate research and commercialization of its full-circle leather product incorporating post-consumer waste. CEO John Kennedy highlights the milestone partnership with Tapestry for sustainable materials and circular innovation.

Tapestry and Gen Phoenix established their partnership in 2022, collaborating on research, production facilities, and design expertise to create a material that aligns with traditional leather heritage while promoting circularity. The increased stake by Tapestry aims to boost sustainable leather supply, reinforcing their commitment to leading the fashion industry in sustainable innovation and resilient supply chains.

Read more at Yahoo Finance: Tapestry ups Gen Phoenix stake to boost sustainable leather supply