Kering invests in Cocoon together with Simon Beckerman and Lilly Wollman
New funding round brings total investment to over £2.5 million
Kering invests in Cocoon, the leading subscription platform for luxury handbags. The announcement comes on the heels of a new funding round that also includes Simon Beckerman, wave of Depop and Lilly Wollman, former partner at Generation Investment, bringing the total investment raised to over £2.5 million.
The funding will allow a scaling of the Cocoon platform through investment in a broader depth and selection of inventory, headcount, enhanced logistics and further tech development to improve the member journey and create a frictionless experience for the community. Cocoo nwill also deepen its relationships with leading brands to ensure members have access to the greatest selection of luxury bags.
“From day one we have been selective and considered about our growth partners, so we are thrilled about the backing from such well-respected and informed investors. With Kering’s incredible history, proven track-record of innovation and deep luxury knowledge, it’s fantastic - Ceanne Fernandes Wong, Cocoon's CEO and Co-Founder said - to have investment from such a powerful market leader. We are like-minded in our vision for a sustainable fashion future and our respect for the luxury codes. This funding marks a significant step for Cocoon as we grow the collection and expand the business to own more of the circular fashion space. The market is calling out for innovative sustainable solutions and can see that our subscription-based model allows for consistent revenue generation through a challenging time. We look forward to developing the Cocoonplatform to offer our members a superior experience and unrivalled selection of luxury styles.”
“Our ambition for Cocoonis - commented Matt Heiman, Chair and Founder - vast, and we know this investment round will allow us to increase, improve and refine our offer for existing and new customers. Global investment into the circular economy has now reached over US$6.5 billion as investors back socially sustainable initiatives. They know that the option to do nothing has passed and they understand the opportunity the circular economy presents". For Grégory Boutté, Kering’s Chief Client and Digital Officer, "we have an ambitious innovation strategy at Kering which aims at identifying potentially disruptive trends and shaping the future of luxury fashion. As part of this strategy, Kering, through its ventures arm, takes minority stakes in services and technologies for the next generation of luxury consumers. This investment in Cocoonwill enable us to monitor new consumption habits and digital practices. We see the subscription model as a very interesting trend in fashion, and by extending the product lifecycle it resonates particularly well with Kering’s circularity ambition".