Dive Brief:
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.
Dive Insight:
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.
The round was led by Origin Ventures, with participation from Chapford Capital Group.
The company intends to use the funds to grow its membership, expand its product offering, amplify marketing initiatives and partnerships, and scale its services, operations, and internal teams.
Founded in September 2018 by newlyweds Blake and Wayne Geffen, Vivrelle is a membership club that provides access to a shared closet of designer handbags, jewelry and diamonds for a monthly membership fee.
The company experienced triple-digit growth in 2020.
FinSMEs
Jewelry-Rental Club Raises $26M to Fund Expansion
RAPAPORT. Vivrelle, a club that provides its members with a shared closet of luxury goods, has raised $26 million to finance its multipronged expansion plans.
The Series-A venture-capital funding will help enlarge the company’s product offering, amplify marketing initiatives, and scale up operations, Vivrelle said in a statement on Monday.
The club, established in 2018 by newlyweds Blake and Wayne Geffen, lets paid members experience closet items including designer handbags, jewelry and diamonds for as long as they would like, or swap them out monthly. It also offers the try-before-you-buy model, with discounts available for those who purchase items from the closet.