June 1st 2023 is the day that less finally becomes More.
Today is the day that less finally becomes More as the founders of Covett and Front Row launch the world’s first circular luxury club. More is a marketplace for the fractional ownership of luxury goods. The founders recall how they wanted to offer luxury consumers more than they feel most luxury brands currently deliver. "Overall, we are disappointed in the industry’s level of service, their constant price increases, and lack of circularity. We felt that customers wanted more for their money and for the planet", recounts Covett Founder, Cynthia Morrow. Hence More was born, with the RE representing circularity.
Shika Bodani founder of Front Row, explains why this is the future of luxury goods. “Through sharing we are more sustainable, through our white-glove concierge service we extend the product's life and value, and with our trading platform, you can resell your shares to other club members, at a price that is transparent to the market. This combination of services didn’t exist until today
Many would ask, “Why now?” This is an idea whose time has come. Fractional ownership has been popular in all other luxury goods categories for years, including luxury cars, yachts, private jets, and luxury holiday homes, so why not personal luxury goods? The club benefits designer brands, consumers, and the planet as we come together to have more through sharing. Circular models are more sustainable because our white-glove concierge service extends the products’ life and value we are able to increase the utilisation. As fewer resources need to be consumed, we can do our part to help reduce overconsumption in the luxury goods industry – it’s a win for all those involved.
Imagine having more with less of an impact on the planet. Many people are taking up the sustainable fashion movement’s call to “buy less, buy better”, cutting their clothing consumption and investing in more circular models. According to research from the Hot Or Cool Institute, a Berlin-based think tank studying the intersection of sustainability and society, to limit global temperatures from rising more than 1.5C above pre-industrial levels – and thus mitigate the worst impacts of climate change – we need to cut the annual carbon emissions generated by our wardrobes to 128.7kg. In the UK, that means we should be buying no more than nine new garments a year. In other parts of the G20, where the average emissions generated by a single garment is higher, the number of garments is five.
Our model allows you to co-own multiple items with less of the impact of owning one. For collectors whose major concern is budget, the cost of 5 co-owned items can be less than owning just one of the five outright. Either way, our community curates the items available in our monthly drops, so that those must-have bags are always available to co-own.
This month's voting is now open, and you can choose your top 5 from our curation of 9 must-have hero bags. Such as this St. Laurent Raffia Totes.
More is currently launching the club in the US, the UK, and the EU with a focus on designer bags. We will expand to other categories as we build out the infrastructure. Club members own a 20% share in a luxury item for its lifetime, providing 10 weeks of access. Shares can be sold on the More marketplace when customers want to trade into new items or simply unlock the value of their assets.
Whether you’re a luxury minimalist, a conscious consumer, or a luxury goods collector; More will be the future of how you will own and access luxury goods. You can learn all about us @www.moreluxury.club. Become a savvy consumer of luxury goods.
