Gen Phoenix secures 15 million US dollars in investment

British next-gen material supplier Gen Phoenix, which offers sustainable recycled leather fibre material manufacturing at scale, has secured 15 million US dollars in a funding round led by venture capital firm Material Impact and increased investment from Tapestry, the fashion group behind Coach, Kate Spade, and Stuart Weitzman.

In a statement, Gen Phoenix said the move marks a “new chapter” in its ongoing partnership with Tapestry, which includes a three-year contracted supply agreement. In addition, as part of the funding round, Tapestry increased its equity stake in Gen Phoenix to 9.9 percent, nearly quadrupling its initial 2023 investment. Financial terms of the deal were not disclosed.

Gen Phoenix added that the investment would allow the company to expand into new categories and global markets, as well as scale its production infrastructure at its UK facility, which has a capacity for 60 plus million square feet annually. It will also be able to accelerate research and development and commercialisation of its fully circular leather solution that integrates post-consumer and end-of-life waste.

John Kennedy, chief executive of Gen Phoenix, said: "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."

Tapestry continues to fund next-gen materials by increasing investment in Gen Phoenix

The partnership between Gen Phoenix and Tapestry first started in 2022 and has seen the two companies sharing research and development access, factory floors, and design insight to engineer a material that honours the heritage of leather Tapestry brands while extending its life through circular transformation.

Tapestry believes that fuelling the future of circular materials with increased funding will deliver supply chain resilience, quality performance, and alignment with next-gen consumers' values, who are looking for brands to be more sustainable.

Scott Roe, chief financial officer and chief operating officer at Tapestry, added: "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."