Tapestry announces contracted supply agreement with Gen Phoenix

Gen Phoenix announced a new chapter in its ongoing partnership with Tapestry (TPR). The partnership includes a three-year, contracted supply agreement, along with an increased investment from Tapestry as part of Gen Phoenix’s $15M series 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 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,” said Scott Roe, Tapestry CFO and COO. “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.”