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The clothing rental market is big business. While many of us now turn to rental services not just for one-off events, but for our everyday wardrobes, it’s no surprise that the biggest players in the industry invest in space.
Global luxury group Kering is the latest to enter the rental market, announcing a significant investment in the Cocoon luxury bag rental subscription service.
Kering’s support will allow Cocoon to grow and invest in staffing, logistics and technological development “to improve the member journey and create a frictionless experience for the community”.
Cocoon offers its customers a variety of subscriptions to choose from, allowing them access to over 35 different luxury brands – classic brands like Prada and Gucci, Chanel and Dior, as well as more avant-garde pieces like Bottega. Veneta and Balenciaga.
Customers can choose either monthly or quarterly packages, which means the bags are in constant rotation, allowing subscribers to take advantage of trends and refresh their wardrobe in the most sustainable way. The bags are also shipped directly to their homes for added convenience.
Cocoon memberships have grown by over 200% since April 2020, despite social restrictions in place over the past 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 knowledge of luxury, it’s fantastic to have the investment of such a powerful market leader.
“We share the same ideas in our vision of a sustainable fashion future and our respect for luxury codes. The market is crying out for innovative sustainable solutions and can see that our subscription-based model enables consistent revenue generation during a tough time. “
Kering joins existing Cocoon investors including Simon Beckerman, founder of Depop, and Lilly Wollman, former Generation Investment partner, bringing its total investment to over £ 2.5million.
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