Tapestry Inc. invests in Gen Phoenix to promote recycled leather

Tapestry Inc., the parent company of Coach and Kate Spade based in New York, is investing US $15 million in UK-based Gen Phoenix, a company known for its recycled leather innovations. This move increases Tapestry’s ownership stake in Gen Phoenix to 9.9%, reinforcing its commitment to circular fashion.

Tapestry’s partnership with Gen Phoenix began in 2022 with the launch of Coach’s Coachtopia collection, which targets Gen Z customers. The line features products made with at least 50% recycled leather fibres sourced from Gen Phoenix’s waste materials.

Scott Roe, Tapestry’s Chief Financial and Operating Officer, mentioned that Coachtopia helps the company learn about the values and preferences of younger buyers, even though it does not contribute significantly to profits yet. He declined to share specific figures, stating the line remains “relatively small.”

Gen Phoenix claims that its recycled materials have a carbon footprint that is 80% lower than that of traditional leather. Elyse Winer, Chief Marketing Officer of Gen Phoenix, shared that the two companies previously teamed up to develop an uncoated lining material, which Coachtopia managed to bring to market in under a year.

As part of this latest investment, Tapestry will receive a three-year supply of recycled leather from Gen Phoenix, which collects waste from European tanneries and manufacturing firms.