Kering withdraws from British luxury bag rental company Cocoon
As part of its transformation, Kering is also examining its minority stakes and has withdrawn from Cocoon, confirming a report by the French media outlet L'informé. Kering is the parent company of Gucci, Balenciaga, and Bottega Veneta and counts the Pinault family as its principal shareholder.
Cocoon was founded in 2019 by former Vestiaire Collective marketing director Ceanne Fernandes-Wong and Matt Heiman, offering a subscription-based rental concept for high-end bags. The business saw Kering and Depop founder Simon Beckerman take part in its funding round in 2021. At the time, the company raised just under 3 million euros. The London-based company later saw Ceanne Fernandes-Wong leave the project in 2024.
Kering had invested in Cocoon via its venture capital company Kering Ventures, owning 8.1% of the capital. According to group data, it exited Cocoon in January. At the end of 2024, Kering Ventures also held minority stakes in Vestiaire Collective, Revalorem, and the Italian company Mogu, which develops mycelium-based technologies.
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