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Jewelry-Rental Club Raises $26M to Fund Expansion
Apr 27, 2021 7:36 AM
By Rapaport News
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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.
Origin Ventures, an early-stage venture-capital firm founded in 1999, led the funding round, with a private credit fund, Chapford Capital Group, acting as a coinvestor.
“[Vivrelle’s] understanding of digital natives — millennials and Gen Z consumers who spend differently than previous generations — has enabled it to [provide] on-demand access to luxury brands at the speed of fast-fashion without compromising on environmental impact and quality,” said Origin Ventures managing partner Jason Heltzer.
Image: A woman with jewelry and a handbag. (Shutterstock)
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Tags:
Blake and Wayne Geffen, Chapford Capital Group, Jewelry Rental, jewelry sharing, luxury, Origin Ventures, Rapaport News, Vivrelle
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