Tapestry Backs Gen Phoenix with $15M Investment to Scale Recycled Leather Innovation

Gen Phoenix, a pioneer in sustainable recycled leather fibre materials, has just announced a significant milestone in its growing relationship with Tapestry, Inc., the parent company behind Coach, Kate Spade, and Stuart Weitzman. The latest development includes a new three-year supply agreement and a significant investment boost from Tapestry, which has now increased its equity stake in Gen Phoenix to 9.9%. This nearly quadruples the company’s original investment made in 2023. The Series funding round, totalling $15 million, is led by venture capital firm Material Impact.

"This expanded partnership marks a major milestone, not just for Gen Phoenix, but for the future of sustainable materials," said John Kennedy, CEO of Gen Phoenix. "Together with Tapestry, we're proving that circular innovation can meet the demands of global brands without compromise. It's a powerful example of what happens when you combine material innovation, leather heritage, shared values, and a commitment to scale."

This partnership isn’t just another business deal. It reflects a deep collaboration between two companies that are reshaping the future of sustainable luxury. Since they began working together in 2022, Gen Phoenix and Tapestry have moved far beyond a typical supplier relationship. They've opened up their research and development processes to each other, worked side by side on production floors, and shared design insights to co-engineer a material that reflects the heritage of traditional leather while embracing the future through circular innovation.

"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," said Scott Roe, Tapestry Chief Financial Officer and Chief Operating Officer. "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."

For Tapestry, this move strengthens supply chain reliability and ensures consistent access to high-performance, sustainable materials that resonate with today’s conscious consumers. For Gen Phoenix, it’s a validation of its business model and material platform. The company has proven it can deliver on the three key pillars most important to global brands: price, performance, and planet. In other words, Gen Phoenix offers sustainability without trade-offs.

With the fresh injection of capital, Gen Phoenix is gearing up for an ambitious growth phase. The funding will enable the company to enter new product categories and global markets, ramp up production at its UK-based facility—which already produces over 60 million square feet annually—and accelerate the development of a fully circular leather solution that utilises both post-consumer and end-of-life waste.

As the luxury industry continues to shift toward what Gen Phoenix calls “luxcycling”, the practice of extending the life of high-end fashion through sustainable materials and cutting-edge manufacturing, this partnership highlights how brands can stay true to quality and heritage while innovating for a better future. Together, Gen Phoenix and Tapestry are setting the pace for a broader industry shift toward a circular luxury model.

About Gen Phoenix

 Gen Phoenix is redefining what sustainable materials can look and feel like. Using a proprietary circular process, the company transforms leather offcuts, material that would otherwise end up in landfills, into premium recycled leather. Since 2007, Gen Phoenix has diverted thousands of tonnes of waste and is now expanding its patented technology across sectors including transportation, fashion, footwear, and automotive. Their materials offer both beauty and durability, earning trust from some of the world’s most iconic brands.

About Tapestry, Inc.

 Tapestry is a global house of brands known for its craftsmanship, innovation, and dedication to sustainability. With Coach, Kate Spade New York, and Stuart Weitzman under its umbrella, the company blends legacy with forward-thinking fashion. It’s committed to responsible growth and continues to invest in materials and partners that align with its long-term vision for a more sustainable future.