Latest news with #GenPhoenix
Fibre2Fashion
16 hours ago
- Business
- Fibre2Fashion
US' Tapestry ups stake in Gen Phoenix to 9.9%, signs 3-year pact
Gen Phoenix, a leading sustainable recycled leather fiber material manufacturer at scale, today announced a new chapter in its ongoing partnership with Tapestry, Inc. (NYSE: TPR)—the house of iconic brands including Coach, Kate Spade, and Stuart Weitzman. The partnership includes a three-year, contracted supply agreement, along with an increased investment from Tapestry as part of Gen Phoenix's $15 million Series round led by venture capital firm, Material Impact. As part of the round, Tapestry has increased its equity stake in Gen Phoenix to 9.9%, nearly quadrupling its initial 2023 investment. Tapestry has increased its equity stake in Gen Phoenix to 9.9 per cent, nearly quadrupling its initial 2023 investment. The expanded partnership includes a three-year supply deal and supports Gen Phoenix's $15 million funding round. It aims to scale circular leather innovation, reinforce sustainable supply chains, and meet demand for next-gen, eco-conscious materials. This multi-faceted partnership solidifies Gen Phoenix's role as a core material innovation partner to Tapestry brands, enabling access next-generation materials at unprecedented scale and consistency. "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." A Partnership Built for Scale, Resilience, and Impact The partnership between Gen Phoenix and Tapestry—first initiated in 2022—has evolved far beyond a typical vendor relationship, serving as a blueprint for how brands and material innovators can co-create sustainable solutions. The two companies have worked side-by-side—sharing R&D access, factory floors, and design insight—to engineer a material that honors the heritage of leather Tapestry brands are known for while extending its life through circular transformation. "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." Fueling the Future of Circular Materials with New Funding Tapestry's latest investment advances both companies' sustainability and business goals: For Tapestry, it delivers supply chain resilience, quality performance, and alignment with next- gen consumers' values. For Gen Phoenix, the collaboration further validates the scalability and commercial potential of its material platform—proving it can meet the three key criteria that matter most to leading brands: price, performance, and planet. In other words, delivering sustainability without compromising on price or quality. Through Gen Phoenix's $15 million investment round, the company will be enabled to: Expand into new categories and global markets. Scale its production infrastructure at its U.K. facility, which has capacity for 60+ million ft² annually. Accelerate R&D and commercialization of its fully circular leather solution that integrates post-consumer and end-of-life waste. As luxury retail brands increasingly embrace a trend Gen Phoenix calls 'luxcycling' – the use of innovative materials and proprietary manufacturing processes to extend the lifespan of luxury fashion and accessories products while maintaining the heritage and quality standards – this expanded partnership underscores how Gen Phoenix and Tapestry continue to pave the way in circular leather innovation for an industry-wide transformation toward sustainable luxury materials. Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged. Fibre2Fashion News Desk (HU)
Fashion Network
16 hours ago
- Business
- Fashion Network
Coach parent Tapestry invests in Gen Phoenix to scale sustainable leather
Tapestry Inc., the New York–based parent company of Coach and Kate Spade, will invest $15 million in Gen Phoenix, a UK-based recycled leather innovator, to expand its sustainable materials strategy across its fashion portfolio, the companies told Reuters. The deal raises Tapestry's stake in Gen Phoenix to 9.9%, signaling a deeper commitment to circular fashion. The investment aligns with the company's broader sustainability ambitions and its focus on attracting Generation Z — those born between 1997 and 2012 — who increasingly prioritize eco-conscious fashion. The partnership began in 2022 with the launch of Coach's Gen Z-focused Coachtopia line, which features products designed with at least 50% recycled leather fibers made from waste supplied by Gen Phoenix, according to the company's website. Scott Roe, Tapestry's chief financial and chief operating officer, said Coachtopia serves as an indicator of younger consumers' shopping behavior. 'It's not that Coachtopia is so commercially massive, but it is helping us understand what's important to this really critical demographic,' he said. Roe declined to disclose Coachtopia's share of total earnings, noting only that it remains 'relatively small.' Gen Phoenix estimates its materials have an 80% lower carbon footprint compared to virgin leather. The companies previously collaborated on an uncoated lining material that Coachtopia brought to market in under a year, said Elyse Winer, chief marketing officer at Gen Phoenix. As part of the investment, Gen Phoenix — which sources waste materials from European tanneries and factories — will supply recycled leather to Tapestry for three years. Gen Phoenix CEO John Kennedy said the company looks forward to working across all Tapestry brands. Roe added that the potential applications of recycled materials across the business remain broad: 'There's a lot of opportunities to redirect a lot of that waste stream,' he said. © Thomson Reuters 2025 All rights reserved.
Fashion Network
19 hours ago
- Business
- Fashion Network
Coach parent Tapestry invests in Gen Phoenix to scale sustainable leather
Tapestry Inc., the New York–based parent company of Coach and Kate Spade, will invest $15 million in Gen Phoenix, a UK-based recycled leather innovator, to expand its sustainable materials strategy across its fashion portfolio, the companies told Reuters. The deal raises Tapestry's stake in Gen Phoenix to 9.9%, signaling a deeper commitment to circular fashion. The investment aligns with the company's broader sustainability ambitions and its focus on attracting Generation Z — those born between 1997 and 2012 — who increasingly prioritize eco-conscious fashion. The partnership began in 2022 with the launch of Coach's Gen Z-focused Coachtopia line, which features products designed with at least 50% recycled leather fibers made from waste supplied by Gen Phoenix, according to the company's website. Scott Roe, Tapestry's chief financial and chief operating officer, said Coachtopia serves as an indicator of younger consumers' shopping behavior. 'It's not that Coachtopia is so commercially massive, but it is helping us understand what's important to this really critical demographic,' he said. Roe declined to disclose Coachtopia's share of total earnings, noting only that it remains 'relatively small.' Gen Phoenix estimates its materials have an 80% lower carbon footprint compared to virgin leather. The companies previously collaborated on an uncoated lining material that Coachtopia brought to market in under a year, said Elyse Winer, chief marketing officer at Gen Phoenix. As part of the investment, Gen Phoenix — which sources waste materials from European tanneries and factories — will supply recycled leather to Tapestry for three years. Gen Phoenix CEO John Kennedy said the company looks forward to working across all Tapestry brands. Roe added that the potential applications of recycled materials across the business remain broad: 'There's a lot of opportunities to redirect a lot of that waste stream,' he said.
Fashion Network
20 hours ago
- Business
- Fashion Network
Coach parent Tapestry invests in Gen Phoenix to scale sustainable leather
Tapestry Inc., the New York–based parent company of Coach and Kate Spade, will invest $15 million in Gen Phoenix, a UK-based recycled leather innovator, to expand its sustainable materials strategy across its fashion portfolio, the companies told Reuters. The deal raises Tapestry's stake in Gen Phoenix to 9.9%, signalling a deeper commitment to circular fashion. The investment aligns with the company's broader sustainability ambitions and its focus on attracting Generation Z — those born between 1997 and 2012 — who increasingly prioritise eco-conscious fashion. The partnership began in 2022 with the launch of Coach's Gen Z-focused Coachtopia line, which features products designed with at least 50% recycled leather fibres made from waste supplied by Gen Phoenix, according to the company's website. Scott Roe, Tapestry's chief financial officer and chief operating officer, said Coachtopia serves as an indicator of younger consumers' shopping behaviour. 'It's not that Coachtopia is so commercially massive, but it is helping us understand what's important to this really critical demographic,' he said. Roe declined to disclose Coachtopia's share of total earnings, noting only that it remains 'relatively small.' Gen Phoenix estimates its materials have an 80% lower carbon footprint compared to virgin leather. The companies previously collaborated on an uncoated lining material that Coachtopia brought to market in under a year, said Elyse Winer, chief marketing officer at Gen Phoenix. As part of the investment, Gen Phoenix — which sources waste materials from European tanneries and factories — will supply recycled leather to Tapestry for three years. Gen Phoenix CEO John Kennedy said the company looks forward to working across all Tapestry brands. Roe added that the potential applications of recycled materials across the business remain broad: 'There's a lot of opportunities to redirect a lot of that waste stream,' he said. ($1 = £0.74)
Fashion Network
20 hours ago
- Business
- Fashion Network
Coach parent Tapestry invests in Gen Phoenix to scale sustainable leather
Tapestry Inc., the New York–based parent company of Coach and Kate Spade, will invest $15 million in Gen Phoenix, a UK-based recycled leather innovator, to expand its sustainable materials strategy across its fashion portfolio, the companies told Reuters. The deal raises Tapestry's stake in Gen Phoenix to 9.9%, signaling a deeper commitment to circular fashion. The investment aligns with the company's broader sustainability ambitions and its focus on attracting Generation Z — those born between 1997 and 2012 — who increasingly prioritize eco-conscious fashion. The partnership began in 2022 with the launch of Coach's Gen Z-focused Coachtopia line, which features products designed with at least 50% recycled leather fibers made from waste supplied by Gen Phoenix, according to the company's website. Scott Roe, Tapestry's chief financial and chief operating officer, said Coachtopia serves as an indicator of younger consumers' shopping behavior. 'It's not that Coachtopia is so commercially massive, but it is helping us understand what's important to this really critical demographic,' he said. Roe declined to disclose Coachtopia's share of total earnings, noting only that it remains 'relatively small.' Gen Phoenix estimates its materials have an 80% lower carbon footprint compared to virgin leather. The companies previously collaborated on an uncoated lining material that Coachtopia brought to market in under a year, said Elyse Winer, chief marketing officer at Gen Phoenix. As part of the investment, Gen Phoenix — which sources waste materials from European tanneries and factories — will supply recycled leather to Tapestry for three years. Gen Phoenix CEO John Kennedy said the company looks forward to working across all Tapestry brands. Roe added that the potential applications of recycled materials across the business remain broad: 'There's a lot of opportunities to redirect a lot of that waste stream,' he said.
