COCOON, a subscription platform for luxury handbags, has announced the completion of a new funding round, which has attracted backing from leading industry investors. The new investors include global luxury group Kering, alongside a large number of existing backers, including Simon Beckerman, Founder of Depop and Lilly Wollman, a former partner at Generation Investment, bringing the total investment raised to over £2.5 million.

The announcement strengthens COCOON’s position in the UK’s circular fashion space and comes after a period of exciting growth for the company. Despite industry-wide challenges, COCOON has seen over 200% increase in membership since April 2020. The funding will allow scaling of the COCOON platform through investment in a broader depth and selection of inventory, headcount, enhanced logistics and further tech development to improve the member journey and create a frictionless experience for the community. 

Grégory Boutté, Kering’s Chief Client and Digital Officer, said: “We have an ambitious innovation strategy at Kering which aims at identifying potentially disruptive trends and shaping the future of luxury fashion. 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. We see the subscription model as a very interesting trend in fashion, and by extending the product lifecycle it resonates particularly well with Kering’s circularity ambition.”

Photo: Ceanne Fernandes-Wong, CEO and Co-Founder at COCOON, and Matt Heiman, Chairman and Co-Founder at COCOON - Photography by Holly Whitaker.