Front Row London, a luxury rental platform, has teamed up with Covett, a jewellery specialist, to introduce the Circular Luxury Club. This groundbreaking concept allows members to enjoy shared ownership of luxury goods like designer handbags and fine jewellery. The aim of this community is to promote sustainability by granting individuals access to a wide range of luxury items through co-ownership.
The traditional model of owning luxury items often results in limited use and rotation of these items. Recognizing this issue, Front Row London and Covett have joined forces to offer investment opportunities in these items, while also fostering a sense of community within the luxury market.
As part of the Circular Luxury Club, members can own a 20% share of their desired luxury handbags and fine jewellery, allowing them to enjoy these items for up to 10 weeks per year. Alternatively, members can choose to earn money on their existing investment pieces that are sitting unused in their wardrobes. This innovative approach provides members with a fresh way to invest in and monetize their wardrobe.
Being a part of the club comes with exclusive benefits. Clients will have access to new items and shares as they become available for sale. The Club strives to create a trusted and secure community, with each member undergoing a vetting process. To secure co-ownership of items, members are required to make a 25% deposit of the share price. They can then hold the item until all co-owners have been secured. During this process, members also have the option to borrow items and lend pieces to other members for a fee, thereby expanding their luxury access.
Once all co-owners have been secured, they can schedule 10 weeks in a year to possess the luxury item. The schedule is available up to 90 days in advance and can be arranged for one to four-week intervals. To ensure the item remains in pristine condition for each co-owner, the club acts as a full concierge service, providing logistics, cleaning, maintenance, repair, and insurance for the items.
The collaboration between Front Row London and Covett offers a refreshing and sustainable approach to luxury consumption. By embracing co-ownership, the Circular Luxury Club allows individuals to experience the pleasure of luxury items without the burden of full ownership. With its community-focused mindset and exclusive benefits, this concept is set to redefine the luxury experience for fashion-forward and like-minded individuals.
Useful links:
1. Front Row London
2. Covett
