Lisbon-based online marketplace for fashion rentals, Chic by Choice, has acquired the German competitor LAREMIA. This is one step further to strengthen Chic by Choice position as Europe’s market leader and its ambition to build a new wave of fashion retail experience for consumers, brands and retailers.
The takeover of LAREMIA will allow Chic by Choice to quickly scale the business to new countries and grow an attractive customer base in a strong eCommerce market. Chic by Choice is already delivering orders to over 12 countries with a growing designer portfolio of over 60 designers including brands such as Valentino, BCBG, Diane von Furstenberg, Roberto Cavalli and Temperly London.
With the acquisition, Chic by Choice takes a further step on its mission to disrupt inventory management and help luxury designer brands and eCommerce platforms better monetize their excess inventory.
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.
say Filipa Neto and Lara Vidreiro, founders of Chic by Choice.
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Anna Mangold and Claudia von Boeselager, the founders of LAREMIA, will stay on board as advisors. Chic by Choice will benefit from their experience in building a fashion rental business in Germany with high customer loyalty, seen by 30% monthly repeat customer orders.
The merger with Chic by Choice allows us to offer our customers a larger and more attractive portfolio across Europe that fits their lifestyle needs while leveraging our deep customer understanding on a European scale. Consumers understand the benefits of renting luxury fashion. We are seeing a clear shift in consumption behavior away from owing to a “pay-as-you-live-lifestyle”
von Boeselager and Mangold confirm.
Chic by Choice is backed by Faber Ventures and Portugal Ventures and is currently raising a series A round.