You've heard of luxury car clubs, time-share holiday homes, exclusive members-only yacht clubs and private jet shares, so why not join a club for your luxury goods?
In a new concept spearheaded by Front Row London and Covett their collaboration titled Circular Luxury Club is the first-ever "luxury community", offering members shared ownership on luxury goods such as designer handbags and fine jewellery.
A 'share' of a Dior bag will cost you around £539 instead of the £2,450 retail value
"The Circular Luxury Club aims to lower consumption through offering access to multiple pieces through co-ownership with other fashion forward and like-minded individuals. As most luxury items are worn on rotation and not daily, we decided to join forces to offer investment opportunities on luxury items, while creating a community," The brand's founders explained in a joint statement.
This new innovative model offers a unique approach to designing a circular wardrobe, allowing members to own a 20 per cent share in luxury handbags and fine jewellery, with other luxury lovers, to enjoy for up to ten weeks per year. Alternatively, members can opt to earn money on their current investment piece, sitting idly in their wardrobes, offering members a new way to invest and monetise their wardrobe.
"Before founding Covett, I spent over 20 years working with global brands on strategic organisational transformations. I have always been a lover of jewellery and luxury goods and its power to imbue confidence in women. I believe more and more people are understanding the power and values of 'Covettism', specifically being more conscious consumers by adopting sharing and circular economy models." explains Cynthia Morrow, Founder at Covett, "By partnering with Front Row London we can take the next step in our journey, as we add designer bags, along with our gorgeous jewellery to our co-ownership model, offering more luxury goods in a circular way."
You can reserve the bag you have invested in to wear during the year
Covett launched to redefine wealth by sharing the value in fine jewellery. Their smart ownership model allows co-owners to wear their jewellery pieces every month at a fraction of the cost compared to the purchase price. Meanwhile Front Row London is the UK’s premiere destination for on-demand luxury goods, granting you instant access to rent the latest pieces, straight off the runway from the world’s most in demand designers. Founder, Shika Bodani launched the brand in 2016 as a new way to monetise wardrobes through lending clothes and re-investing in new wardrobe staples.
"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 opportunity to invest in previously." Front Row founder, Shika Bodani explains of the new initiative, "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."
The newly launched Circular Luxury Club allows its members to have their beloved pieces to be co-owned with like-minded individuals, offering "more investment than the original price." This new innovative model offers a unique approach to a circular wardrobe, allowing members to own a share in their desired luxury handbags and fine jewellery, with other luxury lovers, to enjoy for up to ten weeks per year.
During that process, members will have the ability to borrow items and lend items to other members for a fee, thereby expanding their luxury access. When all co-owners have been secured, co-owners will be able to schedule 10 weeks throughout the year to enjoy the luxury item. The schedule dates are available up to 90 days in advance and can be scheduled for 1-4 week intervals. During your schedule dates, your luxury item will be delivered and collected on a specific date and time.
The Front Row and Covett Circular Luxury Club also acts as a full concierge service, providing logistics, cleaning, maintenance, repair and insurance, to ensure the item remains in pristine condition for each co-owner. 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 vetting process.
Despite the cost-of-living crisis, luxury shoppers are still looking for designer goodies with co-ownership shares starting from 20 percent it feels like a good time to finally 'invest' in that Saddle Bag you've always wanted.
The Front Row and Covett's Circular Luxury Club is available here
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