Vivrelle, a high-end jewelry and handbag membership club, raised $26 million in Series A funding, according to a company press release emailed to Retail Dive. Origin Ventures led the funding round with participation from Chapford Capital Group.
The investment will help the company grow its membership, expand its product offering, launch new marketing initiatives and partnerships and scale its services, operations and internal teams, the company said.
The funding round will also enable the company to add thousands of additional members from its waiting list, per the announcement. Vivrelle reported triple-digit growth in 2020.
The funding round follows the launch of Vivrelle's mobile app in February. Blake Geffen, co-founder and CEO of Vivrelle, said the funding round will help scale the platform as the company advances the growth of circular fashion.
Vivrelle's "understanding of digital natives — Millennials and Gen Z consumers who spend differently than previous generations — has enabled it to build an incredible business that provides on-demand access to luxury brands at the speed of fast-fashion without compromising on environmental impact and quality," Origin Ventures Managing Partner Jason Heltzer said in a statement.
The membership club, which gives access to a shared closet of luxury accessories, allows users to keep items as long as they would like or swap them out monthly. Members are also offered exclusive discounts if they would like to purchase items.
As Vivrelle carves out market share in the luxury rental market, other similar programs have faced their share of highs and lows during the COVID-19 pandemic. Though peer-to-peer fashion rental platform Wardrobe launched nationwide in September, Rent the Runway announced that it was ending its unlimited subscription option that month, and Diane von Furstenberg recently halted its clothing rental service, DVF Link.
After a rough 2020 for clothing retailers overall, fashion apparel could see a resurgence this year as the vaccine distribution ramps up. Meanwhile, clothing rental services may attract customers who are environmentally and financially conscious.