Tapestry raises Gen Phoenix stake to 10% for eco-leather push
Tapestry hiked its stake in eco-leather firm Gen Phoenix to 9.9% via a $15 million round led by Material Impact. The move boosts sustainable leather use in brands like Coach and Kate Spade. Gen Phoenix supplies recycled leather for Coach's Coachtopia line. With shares at record highs, Tapestry stock is up 55.5% YTD, amid strong demand and upbeat forecasts.