In a bid to lower consumption and make luxury more accessible, membership platform More has launched, catering to individuals interested in joining a community surrounding luxury goods.
Defined as a ‘Circular Luxury Club’, the platform allows members to apply for co-ownership over a selection of items, providing investment opportunities and a marketplace where they can purchase the shares of listed pieces.
Vetted members can own a 20 percent share of select designer bags alongside four other owners, each then giving them access to the item for up to 10 weeks per year. They can also opt to earn money on their own investment pieces, listing the items for others to then co-own.
The platform will first be launched in the US, UK and EU, offering a full concierge service, logistics, cleaning, maintenance and repair.
The concept derived from co-founders Cynthia Morrow and Shika Bodani, who are also the founders of jewellery site Covett and rental platform Front Row London, respectively.
In a release, Bodani said: “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 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.”