05:52 AM EDT, 07/15/2025 (MT Newswires) -- Tapestry (TPR) has invested an additional $15 million in recycled leather manufacturer Gen Phoenix, the companies said Tuesday.

The investment, part of a funding round led by venture capital firm Material Impact, increases Tapestry's equity stake in the company to 9.9%, nearly four times its 2023 investment, the companies said.

Tapestry Chief Financial Officer and Chief Operating Officer Scott Roe said Gen Phoenix "enables circularity at scale."