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Vivrelle - A Luxury Accessories Rental Service, Raises USD 26 Million Investment
- 26th Apr 2021
The pandemic notwithstanding, there are luxury brands and luxury companies that are growing significantly. One of them is Vivrelle, a luxury accessories membership company.
Founded around 3 years ago in 2018 by the husband-wife duo of Wayne and Blake Geffen, Vivrelle is planning a major jump in their business with very strong Series A funding infusion of around USD 26 million.
As per the details shared by Vivrelle; it has thousands of users currently and also a significant amount of users wanting to sign up. They believe that this particular round of investment will help the luxury accessories rental company to scale up and increase its user base in a big way. Of course it will also help the company to service the needs of all the existing and new users effectively.
Origin Ventures was at the forefront of raising the series A investment in Vivrelle along with the Chapford Capital Group.
How does Vivrelle work?
The business model of Vivrelle is actually a simple one. The company allows users to pay anywhere from USD 99 and USD 279 per month to borrow luxury bags and fine jewelry from top luxury brands including Chanel, Chopard and similar. The founders of Vivrelle; Wayne and Blake Geffen have confirmed that their company has grown by triple digits in the last 12 months.
The first round investment in Vivrelle happened as one of the Vivrelle members who happened to be with Origin Ventures touched base with them and inquired if they would be interested in getting an investment into their business. Subsequently the series A funding deal fell into place after discussions.
As per Wayne their immediate priority is to fulfill the current and increasing demand going forward. Wayne says that the real exciting thing for their company is the amazing demand that they have currently and the kind of expansion that the luxury accessories Rental Company can do from hereon post the investment.
Starting small - Going big
Like many bootstrapped startups, the major business that Vivrelle has achieved is all organic. With limited budgets the marketing buttons have been pressed ever so gently. However with the infusion of this huge investment Vivrelle can plan to get itself across the market as a brand and work on gaining recognition in the luxury industry.
Wayne and Blake have many times described their company as a hybrid between well-known brands 'Bergdorf Goodman and Soho House'.
The reson they say this is because they feel they have the products of Bergdorf’s and the membership benefits of Soho House. Being a member on Vivrelle has some awesome advantages including discounts with a few luxury hotels, private jet companies, clothing brands and more.
The current pandemic has seen Vivrelle significantly increasing its membership base. This particular period has also thrown open a lot of learnings including the changes in client behaviors.
As the movement of people and social gatherings are restricted, most of members have avoided borrowing fancy stuff like clutches and diamonds. Rather most of the members have been borrowing daily stuff like totes and everyday bags to be used for grocery shopping and similar activities.
Vivrelle has its own exclusive sources from where it arranges for the luxury materials that its members borrow from its platform. It currently has ten employees which would also increase after the investment as it would expand its operation considerably going forward from the coming year.