Tapestry has increased its stake in recycled leather materials firm Gen Phoenix to 9.9%, nearly quadrupling its previous investment. This move follows Tapestry’s participation in Gen Phoenix’s latest $15 million funding round, led by venture firm Material Impact. Tapestry first partnered with Gen Phoenix in 2022 and made an initial investment in 2023.

The new funding will support the expansion of Gen Phoenix’s product range, upgrades to its UK facility, and the development of circular leather solutions. Chief Financial Officer Scott Roe said the investment reflects Tapestry’s commitment to innovation and sustainability, particularly to meet the expectations of younger consumers.

The recycled material is 30% lighter than traditional leather and meets all performance standards, supporting Tapestry’s carbon reduction goals.