Kering invests in distribution businesses alternative to selling. After acquiring a 5% stake in the second hand platform Vestiaire Collective, it had joined Cocoon in recent days. The London-based company offers a bag rental service upon subscription. Still on the subject of luxury movements, the brand Isabel Marant has launched Vintage. It is the website where you can resell used products by its customers, along with new pieces from old collections.
Kering also participated in the new Cocoon funding round. The amount with which the French giant has committed, however, is unknown. Ceanne Fernandes-Wong (current CEO) and Matt Heiman founded Cocoon in 2019. To date, the platform has raised approximately 3.5 million dollars. How does it work? The customer signs up, pays a monthly subscription (from 49 to 99 pounds) and is entitled to 1 or 2 exchanges of bags per month from the Light or Premium collections. Kering’s investment, as Business of Fashion noted, is part of the group’s broader strategy to explore new market trends, grabbing shares of companies active in the emerging technology and services sector.
And Isabel Marant
Meanwhile, Isabel Marant launches Isabel Marant Vintage website. The service has a double goal. On the one hand, it will allow customers to return used items in exchange for a discount coupon. The brand, emphasises Fashion United, will then evaluate what can be repaired and sold. On the other hand, the portal will be useful for the distribution of garments and accessories in stock from old collections. Proceeds from the site will go to the Isabel Marant Endowment Fund, to support women’s education and crafts in indigenous communities.
Images from Cocoon