Tapestry Inc., the parent company of Coach and Kate Spade, is investing $15 million into Gen Phoenix, a UK-based company that creates recycled leather. This move raises Tapestry’s ownership in Gen Phoenix to 9.9% and shows its growing focus on sustainable fashion.
The investment is part of Tapestry’s plan to connect with younger shoppers, especially Gen Z. This generation prefers brands that care about the environment and are open about how products are made.
Tapestry and Gen Phoenix first teamed up in 2022 to launch Coachtopia a line under Coach made using at least 50% recycled leather. The leather is made from waste that Gen Phoenix collects from European tanneries and factories.
Scott Roe, who oversees both finances and operations at Tapestry, explained that Coachtopia helps them learn about Gen Z shopping habits.
“It’s not that Coachtopia is so commercially massive, but it is helping us understand what’s important to this really critical demographic”
Scott Roe,
Chief Financial and Chief Operating Officer, Tapestry Inc.
Gen Phoenix says its recycled leather cuts carbon emissions by 80% compared to traditional leather. They also created a special lining material with Coach in under a year, showing how fast the two companies can innovate together.
With this new deal, Gen Phoenix will supply recycled leather to Tapestry for at least three more years. The goal is to expand the use of these materials across all Tapestry brands.
