By Joshua Kirby 
 

Kering said Thursday that it has invested in U.K. handbag-rental company Cocoon, as the French luxury-goods group furthers its interest in circular fashion.

Cocoon has attracted total investment of 2.5 million pounds ($3.5 million) following the completion of its latest funding round, which saw participation from secondhand-fashion app Depop's founder Simon Beckerman, as well as Kering.

The company offers a subscription service that allows users to rent bags from brands including Kering's Gucci, as well as Prada SpA. Membership has more than tripled since April last year, Cocoon said in a release.

Kering's investment follows its taking of a small stake in French luxury-resale platform Vestiaire Collective earlier this year. Analysts at the time said the move showed a thawing of previously frosty attitudes toward secondhand fashion on the part of luxury brands.

Kering's strategy aims to identify potentially disruptive trends in the luxury-fashion sector, said Gregory Boutte, Kering's chief client and digital officer.

"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 Cocoon will enable us to monitor new consumption habits and digital practices," Mr. Boutte said. Subscription models are "very interesting," and resonate with shifts toward circularity, he added.

 

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

 

(END) Dow Jones Newswires

June 24, 2021 05:36 ET (09:36 GMT)

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