Luxury accessories rental club Vivrelle has raised $26 million in a Series A funding round led by Origin Ventures, with participation from Chapford Capital Group.
The app allows members to rent luxury items such as handbags, watches and jewelry from coveted designers such as Gucci, Hermès, Chanel, Dior and Cartier starting at $99 per month.
“We are thrilled to close our Series A funding with the support and confidence of Origin Ventures and Chapford Capital Group. This round of financing will allow Vivrelle to scale its one-of-a-kind platform and continue offering individualized and unparalleled customer service to our community of members,” said Blake Geffen, Co-founder and CEO of Vivrelle.
“It’s an exciting opportunity to advance the growth of circular fashion and be at the forefront of reimagining consumers’ shopping experience.”
As more and more consumers start to rethink their closets and ownership of luxury items, the Vivrelle platform is looking to support this newfound mindset and offer up a more sustainable, flexible and affordable way to shop and own designer items. Through its subscription service, the company enables users to exchange their rental, extend their rental term or purchase products at members-only prices.
Vivrelle also offers a try-before-you-buy service, offering members-only discounts on items bought from Vivrelle’s closet along with additional exclusive club perks.
“Vivrelle is uniquely positioned at the intersection of the exploding resale and shared economies,” said Origin Ventures Managing Partner Jason Heltzer. “Its 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 is proud to partner with Vivrelle’s world-class team and co-investor, Chapford Capital Group.”
With its latest round of funding, Vivrelle plans to grow its membership base, expand its product offering to meet increased membership demand, amplify marketing initiatives and partnerships and scale its services, operations, and internal teams.