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Tapestry Inc. and Dr. Martens financially back sustainable materials company

Chloe Burney
30 March 2023

Tapestry Inc., the owner of Coach, Kate Spade and Stuart Weitzman, and footwear giant Dr. Martens have backed a £14.6 million ($18 million) round of funding for alternative materials company Gen Phoenix.

The company, previously named ELeather, is undergoing a rebrand to coincide with the cash injection from its recent funding round. The new name was inspired by the cyclical regeneration of the phoenix, as it looks to give new life to leather waste by transforming it into sustainable alternatives.

With the latest round of funding, the company plans to research new materials and grow geographically. Gen Phoenix will expand beyond leather, appealing to more consumer-centric companies.

The ELeather brand, which is well established in the mass transportation category, will live on under the new company name and serve this sector.

Joining Tapestry Inc. in this round of funding is venture firm Material Impact, the Boston-based fund focused on materials innovation, and Jaguar Land Rover’s corporate venture capital arm InMotion Ventures.

John Kennedy, Chief Executive of Gen Phoenix, commented: "We’re thrilled to be working with a consortium of like-minded, sustainability-focused partners across a variety of sectors.

"We look forward to extending our vision of circularity to new markets and providing our customers, strategic partners and end consumers with best-in-class circular materials."

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