Gen Phoenix lands £11m led by Material Impact as Tapestry deepens strategic partnership in circular leather innovation

Gen Phoenix, a leading sustainable recycled leather fibre material manufacturer at scale, today announced a new chapter in its ongoing partnership with Tapestry, Inc., 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 £11m funding 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.

This multi-faceted partnership solidifies Gen Phoenix's role as a core material innovation partner to Tapestry brands, enabling access to next-generation materials at unprecedented scale and consistency.

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 honours the heritage of leather Tapestry brands are known for while extending its life through circular transformation.

For Tapestry, the partnership 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 £11m investment round, the company will be enabled to:

Expand into new categories and global markets
Scale its production infrastructure at its UK facility, which has capacity for 60+ million ft² annually
Accelerate R&D and commercialisation 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.

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. It's a powerful example of what happens when you combine material innovation, leather heritage, shared values, and a commitment to scale.

John Kennedy, CEO

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. 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.

Scott Roe, CFO & COO at Tapestry

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