The rental fashion market is big business. With many of us now turning to hiring services for not just one-off events but our everyday wardrobes, it comes as no surprise that to find that the industry's biggest players are investing in the space.
Luxury global group Kering is the latest to embrace the rental market, announcing a significant investment in luxury bag rental subscription service Cocoon.
Kering's support will allow Cocoon to scale and invest in headcount, logistics and tech development “to improve the member journey and create a frictionless experience for the community”.
Cocoon provides its customers with a variety of memberships to choose from, enabling them to access more than 35 different luxury brands - from classic labels like Prada and Gucci, Chanel and Dior, as well as more fashion-forward pieces from the likes of Bottega Veneta and Balenciaga.
Customers can choose monthly or quarterly plans, meaning the bags are on constant rotation, allowing for subscribers to tap into trends and refresh their wardrobes in the most sustainable way. The bags are also sent directly to their homes for convenience.
Cocoon’s memberships have increased by more than 200 per cent since April 2020, despite the social restrictions in place over the last year.
Ceanne Fernandes-Wong, CEO and co-founder of Cocoon, said in a statement: "With Kering’s incredible history, proven track-record of innovation and deep luxury knowledge, it’s fantastic to have investment from such a powerful market leader.
"We are like-minded in our vision for a sustainable fashion future and our respect for the luxury codes. The market is calling out for innovative sustainable solutions and can see that our subscription-based model allows for consistent revenue generation through a challenging time."
Kering joins existing investers in Cocoon, including Simon Beckerman, founder of Depop, and Lilly Wollman, a former partner at Generation Investment, bringing its total investment to more than £2.5 million.
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