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Gen Phoenix Strengthens Tapestry Partnership with New Funding

In a significant move toward sustainability and partnership enhancement, Gen Phoenix, a prominent manufacturer of sustainable recycled leather fiber, has announced a successful $15 million investment round. This development comes alongside the expansion of its collaboration with Tapestry, Inc., which is renowned for its luxury brands such as Coach, Kate Spade, and Stuart Weitzman. This strategic partnership will play a crucial role in delivering next-generation materials that align with modern consumer values, embracing sustainability without compromising quality.

A Strategic Investment for a Sustainable Future

The investment round was spearheaded by the venture capital firm Material Impact. As a result, Tapestry has heightened its stake in Gen Phoenix to 9.9%, a nearly fourfold increase from the prior investment made in 2023. This enhanced relationship is not just a financial commitment but also reflects a shared vision of transforming the fashion industry through innovative material solutions.

Gen Phoenix's CEO, John Kennedy, emphasized the importance of this collaboration, stating, "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."

Collaboration Beyond Conventional Vendor Relationships

Since the commencement of their partnership in 2022, the collaboration between Gen Phoenix and Tapestry has transcended what one might typically expect from a vendor relationship. The partnership exemplifies how brands and material innovators can co-create sustainable solutions, sharing resources such as R&D access and design insights. This collaborative approach allows both companies to engineer materials that respect the heritage of Tapestry's luxury brands while promoting sustainability through circular processes.

Tapestry's Chief Financial Officer and Chief Operating Officer, Scott Roe, noted the dual benefit of this investment: "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."

Fueling Growth and Innovation with New Funds

The funding obtained from this round will empower Gen Phoenix to achieve crucial developmental goals. Key initiatives include expanding its reach into new markets and product categories, scaling production at its UK facility capable of processing over 60 million square feet of material annually, and accelerating the research and development of fully circular leather solutions that utilize post-consumer waste.

The luxury retail sector is increasingly adopting a concept referred to by Gen Phoenix as ‘luxcycling.’ This innovative approach combines cutting-edge materials with manufacturing techniques aimed at extending the life cycle of luxury fashion goods. This partnership reinforces the belief that luxury brands can prioritize sustainability while maintaining standards of quality and aesthetics.

Tapestry's latest investment aligns with its efforts to innovate within its supply chain while adhering to consumer expectations centered around sustainability. As brands prioritize resilient, future-ready operations, the Tapestry-Gen Phoenix alliance serves as a model for the industry in the pursuit of environmental responsibility.

About Gen Phoenix

Founded with a mission to revolutionize the materials space, Gen Phoenix champions a circular process that recycles leather offcuts, redirecting them from landfills and transforming them into a premium recycled leather material. Since its inception in 2007, Gen Phoenix has successfully diverted thousands of tons of material from waste, catering to industries requiring high-performance and purpose-driven solutions, such as mass transit seating and luxury goods.

About Tapestry, Inc.

Tapestry, Inc. is a global powerhouse of brands, bringing together the artistry and craftsmanship of Coach, Kate Spade New York, and Stuart Weitzman. The company is committed to infusing innovation and sustainability into its operations as it leads the fashion industry towards a more responsible future. With a focus on craftsmanship, Tapestry recognizes the importance of adapting to the shifting values of modern consumers.

As both Gen Phoenix and Tapestry continue to navigate the evolving landscape of fashion sustainability, their partnership exemplifies the potential of innovative materials to redefine industry standards and promote environmental stewardship.