Tapestry's purpose is clear: to stretch what’s possible in fashion while staying true to our heritage of craftsmanship, quality, and innovation. Today, Tapestry is proud to share a bold step forward in that journey—an expanded partnership with Gen Phoenix, a pioneer in sustainable recycled leather fiber materials.

With a new three-year supply agreement and an increased equity stake in Gen Phoenix to 9.9%, Tapestry has nearly quadrupled its initial investment from 2023. This investment is part of Gen Phoenix’s $15 million Series round, led by Material Impact, and it reflects our belief in the power of innovation to drive both purpose and profit.

Tapestry's relationship with Gen Phoenix began in 2022, and it’s grown into a model for how brands and material innovators can co-create sustainable solutions. Together, the companies have developed next-generation materials that honor the legacy of leather—so central to our brands Coach, Kate Spade, and Stuart Weitzman—while transforming it through circular processes.

This isn’t just about sourcing materials. It’s about building a resilient, future-ready supply chain that aligns with the values of today’s consumers. Gen Phoenix’s platform enables circularity at scale, delivering high-quality materials that meet our expectations for style, performance, and impact.

“As a global leader in quality leather goods, we see significant opportunity to be a catalyst for next-generation materials,” said Scott Roe, Tapestry’s Chief Financial Officer and Chief Operating Officer. “This partnership reinforces our commitment to leading the fashion industry in sustainable innovation.”

Tapestry's expanded investment helps Gen Phoenix accelerate its mission in meaningful ways:

• Scaling production at its U.K. facility, with capacity for over 60 million square feet annually
• Expanding into new categories and global markets
• Advancing R&D to commercialize a fully circular leather solution using post-consumer and end-of-life waste

"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."

For Tapestry, this means greater supply chain resilience, continued product excellence, and deeper alignment with the values of the next generation of consumers.

Tapestry is excited about what’s ahead and looks forward to continuing this journey with Gen Phoenix to redefine what sustainable luxury can be.