25
May
2018
【The Business of Fashion】

LUXURY RENTAL SITE VILLAGELUXE RAISES $2 MILLION IN SEED FUNDING

The Airbnb of luxury fashion has secured $2 million which will be used invest in new technologies to scale the platform and expand internationally.

New York-based, peer-to-peer luxury rental site Villageluxe has secured $2 million in seed funding, led by investor and entrepreneur Carmen Busquets. Adrian Cheng’s C Ventures, Erica Duignan Minnihan of Reign Ventures and former Mosley Music chief Monique Mosley also participated in the round.

The new funds will be used to grow and scale the invitation-only platform, launched in 2015 by former venture capitalist Julia Gudish Krieger. Thus far, the platform boasts over $10 million worth of inventory, spanning vintage pieces, couture and ready-to-wear from luxury brands including Balenciaga, Gucci, Chanel, Hermès and Céline, with renters and lenders including Man Repeller founder Leandra Medina, DJ Harley Viera Newton, renowned hairstylist Sally Hershberger and photographer Sophie Elgort.

According to chief marketing officer Shanin Molinaro, the company will invest in technology to “enhance features that will allow for a more seamless approach to renting,” such as AI-powered fit technology and search capabilities for items from nearby closets to encourage “hyper-local” sharing, which helps to minimise carbon footprints.

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