Tapestry ups Gen Phoenix stake to boost sustainable leather supply

The new stock share of TAPESTRY in Gen Phoenix is a significant increase in its initial investment in 2023.

In April 2023, General Phoenix received $ 18 million from financing led by the impact of investment capital materials, with the participation of industry names such as Dr Martens, TAPESTRY and Kate Spade.

Both companies have expanded their partnership by three -year supply contract and additional investment from Tapestry, which contributed to the $ 15 million Gen Phoenix financing round of material impact.

Investment will enhance the Gen Phoenix position as a material innovation partner for TAPESTRY brands, giving them access to widely advanced materials.

It will also push both entities towards sustainability and their commercial aspirations.

For Tapestry, it guarantees the durability of the supply chain and corresponds to the values of contemporary consumer.

“This investment reflects our belief in the power of innovation in paying both purpose and profit. Gen Phoenix allows generalization widely-as high-quality materials control the style, performance and expectations of the consumer today,” said Tapestry CFO and Coo Scott Roe.

“As a global pioneer in high -quality leather goods, we see a great opportunity to be a catalyst for the next generation materials in line with our heritage in handicrafts. This partnership enhances our commitment to leading the fashion industry in sustainable innovation and ensuring a flexible and ready -to -future supply chain in the future.”

Gen Phoenix will use financing returns to expand its access to the market, and expand production capabilities in the UK facility, which can produce more than 60 million feet² annually.

The company will also accelerate the search and market its full leather product, which includes post -consumer waste.

“This expanded partnership represents a major milestone – not only for General Phoenix, but for the future of sustainable materials. With the fabric, we prove that circular innovation can fulfill the requirements of global brands without a compromise,” said Gen Phoenix.

The two parties created a partnership in 2022 and exchanged resources in research and development facilities, production facilities, and the design of experience to formulate a material that respects traditional leather heritage while promoting circular.

“TAPESTRY UPS GEN GEN Phoenix Stake” was originally created and published by the Just Style, a brand owned by Globaldata.

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