Luxury circular club More launched as "savvier" way to own luxury
A timeshare for luxury goods? Sort of. It’s called More, and its model is based on co-ownership of personal luxury goods. It's positioned as “the world’s first Circular Luxury Club”. The aim is to “build a true community of luxury goods lovers… looking for a savvier way to own and access them”.
Launching in the UK, the US, and the EU this week, More (which was first flagged late last year) also says it aims to lower consumption by offering access to multiple luxury pieces, initially across high-end bags, through co-ownership with other fashion-forward individuals. They feature the most sought-after designer bags including Chanel, Bottega Veneta, and Louis Vuitton.
And as most luxury items are worn on rotation and not daily, the club allows all co-owners “to feel they are among trusted like-minded people who will treat their luxury items with the utmost care. By purchasing a share rather than the entire item, individuals can have more of what they covet but with less hassle, investment and impact”.
The More model allows members to own a 20% share starting with designer bags, along with four other luxury lovers, each enjoying co-ownership for up to 10 weeks a year. Alternatively, members could opt to earn money on their current investment pieces sitting in their wardrobes by selling shares in their pieces on the platform.
“Whether you are concerned about your budget, your impact on the planet or both – More is redefining luxury by applying a co-ownership model to personal luxury goods,” co-founders Shika Bodani and Cynthia Morrow, who are also the respective names behind Front Row London and Covett, said.
As a member of the club, clients will have exclusive access to new items and shares as they come up for sale. The club “aims to create a trusted and safe community”, with each member going through a stringent vetting process. Once accepted into the club, members can secure co-ownership on items by paying a 25% deposit of the share price, which secures their share until the remaining co-owners have bought in.
When all have been secured, co-owners will be able to schedule 10 weeks throughout the year to enjoy their luxury item. Dates can be scheduled up to 90 days in advance and for one- to four-week intervals. During the scheduled dates, luxury items will be delivered and collected on a specific date and time. Included is a full concierge service, providing logistics, cleaning, maintenance, repair, and insurance, “to ensure the item remains in pristine condition for each co-owner”.
New bags are dropped every four weeks and customers waitlist their interest or register with the name of their must-have hero bag and More said it will endeavour to source it.
Bodani said of the venture: “Having previously worked in finance, I have always been passionate about fashion, particularly the business side of fashion. I was motivated by wanting more in my own wardrobe in a cost-effective and sustainable way. We wanted to bring together the world of fashion and finance in a way to empower women by giving them an opportunity to invest in assets they wouldn't have been given the coveted pieces and while making it a better choice for conscious consumers. opportunity to invest in previously. Whether it is for investment purposes or simply to enjoy wearing the bag, we are allowing our clients to rotate and co-own multiple bags, all for the price of one.”
Morrow added: “Before founding Covett, I spent over 20 years working with global brands on strategic organisational transformations.I believe a large portion of the population are understanding that overconsumption is a big challenge for our planet and a shift to conscious consumerism by adopting sharing and circular economy models can make a difference. More is the next step in our journey, as we focus on bringing the co-ownership model to the new markets and product categories.”
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