Front Row and Covett link up for Circular Luxury Club co-ownership concept
Luxury rental platform Front Row London and jewellery specialist Covett have linked up to launch the Circular Luxury Club, described as “the first-ever luxury community offering members shared ownership on luxury goods such as designer handbags and fine jewellery”.
The concept aims to “lower consumption through offering access to multiple pieces through co-ownership with other fashion forward and like-minded individuals”.
The two partners said that “as most luxury items are worn on rotation and not daily, [they] decided to join forces to offer investment opportunities on luxury items, while creating a community for the luxury market”.
The new model allows members to own a 20% share in their desired luxury handbags and fine jewellery, with other luxury lovers, to enjoy for up to 10 weeks per year.
Alternatively, members can choose to earn money on their current investment pieces that are sitting unworn in their wardrobes, with the business therefore “offering members a new way to invest and monetise their wardrobe”.
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”. The members can secure co-ownership of items with a 25% deposit of the share price, holding the item until all co-owners have been secured.
During that process, members will have the ability to borrow items and lend pieces to other members for a fee, thereby expanding their luxury access.
When all co-owners have been secured, the co-owners can then schedule 10 weeks in a year to hold the luxury item. The schedule dates are available up to 90 days in advance and can be put in place for one to four-week intervals.
The 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”.
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