Portuguese Chic by Choice acquires German rival La Remia

Portuguese luxury fashion rental start-up Chic by Choice (CBC) has just announced the acquisition of its German competitor La Remia for an undisclosed sum.

As reported in a exclusive by ‘Techcrunch’, Anna Mangold and Claudia von Boeselager, the founders of La Remia, will stay on board as advisors.

CBC operates in major markets in Europe and partners with merchants and brands to rent out luxury fashion.

Initially backed by Faber Ventures and Portugal Ventures, with seed funding of 500,000 euros, CBC is currently seeking further financing in the form of a Series A round.

The Portuguese luxury fashion rental platform’s founders, Filipa Neto and Lara Vidreiro, think there’s a “huge opportunity to offer Yield Management Solutions for end of season stock that reshapes the retail industry and boosts retailer’s revenues as a smarter alternative to discounting or outlets”.

Likewise, Neto told ‘Techcrunch’ that CBC has realised there is a problem with excessive inventory in fashion which is different from ‘in season stock’.

La Remia was founded by Claudia Freifrau von Boeselager and Anna Mangold in 2013 and built out in Germany and neighboring countries. The Berlin-based start-up was financed by VC High-Tech Gründerfonds and two business angels.