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Yahoo
5 days ago
- Business
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Gen Phoenix Closes $15M Round, Enters 3-Year Supply Deal with Tapestry
Gen Phoenix and Tapestry are making it official—again. This time, it's a material commitment The partners announced an over $50 million, three-year contracted material supply deal and a $15 million funding round led by Material Impact. More specifically, the Coachtopia company increased its ownership stake in Gen Phoenix to 9.9 percent in a move that nearly quadrupled Tapestry's initial investment. More from Sourcing Journal The Science of Sunwear Material World: Decathlon Runs with Rheon, Spiber Goes Dutch in Paris PBS Docuseries Unravels Fashion's Final Destination 'Tapestry's approach to next-generation material innovation is guided by a disciplined framework that balances strategic focus with exploratory breadth,' said Scott Roe, chief operating and financial officer at Tapestry. 'We recognize that scaling a breakthrough to margin-moving relevance requires more than just promising technology—it demands commercial viability, supply chain readiness, and brand alignment.' For Tapestry, the investment delivers supply chain resilience, quality performance and alignment with next-gen consumers' values. 'Tapestry's follow-on investment in Gen Phoenix was structured as an equity stake increase, not as a convertible or hybrid instrument,' Roe explained. 'The partnership also includes a three-year contracted supply agreement, reinforcing our shared commitment to accelerating the adoption of next-generation materials across our brand portfolio.' For Gen Phoenix, the investment 'realizes the full value' and commercial potential of its technology platform, as evidenced by the successfully demonstrated expansion beyond tannery waste to translate post-industrial and post-consumer leather waste into circular materials. 'Gen Phoenix is making strategic investments into R&D to continue to advance our position as a global leader in circular materials said John Kennedy, chief executive officer of Gen Phoenix. He added that this closed-loop material solution, better known as Helios, is a 'bold example' of how Gen Phoenix is both responding to and driving market shifts. 'Proof that sustainability can scale; circularity can be profitable and next-gen innovation can meet the highest standards of safety and performance.' The relationship between Gen Phoenix and Tapestry has evolved beyond the traditional vendor dynamic initiated back in 2022. 'This investment reflects our belief in the power of innovation to drive both purpose and profit,' Roe said. 'Gen Phoenix's platform enables circularity at scale—delivering high-quality materials that meet the style, performance and impact expectations of today's consumer.' This next iteration serves as a blueprint, the collaborators said, for brands and material innovators to (successfully) cooperate on sustainable solutions. The partners worked side-by-side to share R&D access, factory floors and design ideas in pursuit of engineering a material that 'honors the heritage of leather Tapestry brands' while extending its life with Gen Phoenix's circular practices. To that end, the multi-faceted partnership solidifies Gen Phoenix's role as a 'core material innovation partner' for Tapestry brands by enabling access to next-generation materials at 'unprecedented scale and consistency,' the Coach parent said. Coupled with retail's increasing interest in 'luxcycling,' Gen Phoenix's portmanteau for '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,' the rest of the industry can look to this expanded partnership on how to follow suit. '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,' Roe said. 'This partnership reinforces our commitment to leading the fashion industry in sustainable innovation and ensuring a resilient, future-ready supply chain.' Gen Phoenix was funded in part by Material Impact's second material impact fund (MIF II) as well, according to the Boston-based deep venture capitalist. The MIF II wrapped in June 2020, per a blog post by the fund's cofounder and managing partner, Carmichael Roberts. It raised a cumulative, oversubscribed $195.3 million from 44 financiers. Formerly known as ELeather, the UK-based upcycler completed an $18 million funding round in March 2023—also led by Material Impact—which saw the leather rescue-and-regenerator rebrand to the name Gen Phoenix. 'We don't really invest in fads,' Material Impact's marketing partner Elyse Winer said to The Boston Globe at the time. 'We invest in these problems that aren't going away.' Thanks to the $15 million investment round, Gen Phoenix plans to expand into new categories and global markets. These expansions, per Kennedy, demonstrate how Gen Phoenix continues molting—evolving from a transport materials supplier to a circular platform across consumer markets 'with momentum in sectors where sustainability is becoming a competitive advantage.' 'We're focused on expanding into high-growth sectors like automotive interiors and tech accessories, where the demand for sustainable, high-performance materials is accelerating,' Kennedy said. 'These sectors offer a compelling intersection of design, performance and sustainability—all areas where our material platform excels. The auto space is particularly exciting, especially our partnership with a Jaguar Land Rover, as it underscores confidence in our technology and potential.' The UK company also plans to scale its production infrastructure at its Peterborough facility, which has an annual capacity of 60-plus million square feet. In tandem, Kennedy said, accelerating R&D and commercialization efforts for Helios, the company's circular solution (aka integrating post-consumer and end-of-life waste), is in response to demand. 'This expanded partnership marks a major milestone—not just for Gen Phoenix, but for the future of sustainable materials,' Kennedy said. '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.' These examples, per Roe, align against Tapestry's broader commitment to circularity, material innovation and reducing environmental impact across the group's value chain. 'Ultimately, our goal is to ensure that every next-gen investment has a clear path to commercial relevance,' Roe said. 'And that our innovation strategy remains tightly aligned with our business priorities and stakeholder expectations.' To that end, Tapestry is 'actively exploring' opportunities to close the loop on leather waste. As part of this expanded relationship, Tapestry is evaluating formal take-back channels that would allow the group to redirect post-industrial leather scrap into Gen Phoenix's recycling process. 'Our focus remains on scaling responsibly across our portfolio,' Roe said. 'Each brand within the Tapestry house brings a unique heritage and consumer base; we're approaching future volume growth in a way that reflects those distinct identities.' 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Fibre2Fashion
15-07-2025
- 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
15-07-2025
- 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
15-07-2025
- 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
15-07-2025
- 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)
