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The Kering group, which includes Gucci, Balenciaga and Bottega Veneta, has decided to invest in a luxury bag rental website, Cocoon.
This investment brings the total amount of funds raised to over 2.5 million pounds. The Kering group decided to renew itself, taking an interest in the new system of consumption. And it is not the first group to invest in the London-based platform. The founder of Depop is also among the investors of Cocoon.
Kering Invests in Luxury Handbag Subscription Rental Service, @cocoonbags via @wwd https://t.co/cWxKpg2tWm#KeringForTalent pic.twitter.com/QiGIyVsoPZ
— Kering (@KeringGroup) June 24, 2021
Cocoon offers used and new handbags, including Gucci, Bottega Veneta and Prada, for as little as £49 per month in the UK (€57).
The money paid is expected to be used to increase bag inventory, recruit staff and generally expand the company’s business. “This investment marks an important step in achieving our ambitions to become the circular solution for bag lovers,” explains Cocoon founder Ceanne Fernandes-Wong “As the leader of the new circular fashion market in the UK, we decided to focus on a product category that could touch the widest possible audience.”
Influencing the future of the luxury market
Luxury handbags have universal appeal and save Cocoon the operational challenges associated with other fashion products. According to Gregory Boutté, head of customer and digital at Kering, this investment is part of a broader strategy to identify innovative companies to truly influence the future of the luxury market.
The rental market can thus recover from the Covid-19 pandemic that hit the sector hard, since no more handbags are needed to go out on a night out. Nevertheless, even during the tough times since March 2020, a Boston Consulting Group survey shows that 21% of Generation Z were renting products. “Rental models are about to accelerate again in a post-pandemic world,” says Sarah Willersdorf, head of global luxury at BCG. She adds, “Rental also has the potential to be a customer acquisition tool, especially with younger customers, as well as being used to test different products and styles and generate returns on underperforming inventory.”
Firms such as Ralph Lauren and Rebecca Minkoff themselves endorse the potential of this type of market, capable of satisfying sustainability-conscious customers. The partnership that Kering has just signed with Cocoon will allow it to respond to the new consumption habits of its customers.
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The Kering group, which includes Gucci, Balenciaga and Bottega Veneta, has decided to invest in a luxury bag rental website, Cocoon.
This investment brings the total amount of funds raised to over 2.5 million pounds. The Kering group decided to renew itself, taking an interest in the new system of consumption. And it is not the first group to invest in the London-based platform. The founder of Depop is also among the investors of Cocoon.
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The Kering group, which includes Gucci, Balenciaga and Bottega Veneta, has decided to invest in a luxury bag rental website, Cocoon.
This investment brings the total amount of funds raised to over 2.5 million pounds. The Kering group decided to renew itself, taking an interest in the new system of consumption. And it is not the first group to invest in the London-based platform. The founder of Depop is also among the investors of Cocoon.
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