WEBWIRE – Thursday, March 16, 2023
- The company is investing through a participation loan and launching a clothing rental pilot trial on its website via the new Mango Renting service, making it possible to offer greater versatility.
- For its part, La Ms Mona will learn about the operation of a large company, be able to scale up its business model and will receive advice from Mango professionals, among other benefits.
- This is the third Mango StartUp Studio investment, after investing in the start-up specialising in the resale of textile waste, Recovo, and the on-demand salary and flexible remuneration business, Payflow.
Mango, one of Europes leading fashion groups, is reinforcing its innovative spirit and through its Mango StartUp Studio accelerator is investing in La Ms Mona, the party dress and accessories rental platform.
The investment involves offering financial support to the company through a convertible participation loan and represents the entry of La Ms Mona in an acceleration programme through which the entrepreneurs will discover at the first-hand the operation of Mango and will be able to scale up their business model. They will also receive advice and mentoring sessions given by company professionals in areas such as the internationalisation of operations and technology, as well as in people management.
Similarly, Mango is launching a clothing rental pilot trial on its website via Mango Renting (www.mangorenting.com). The service will offer some forty references that will be updated every month, so that Mango customers can enjoy greater versatility and flexibility in the choice of outfits for their events.
This is the third investment that Mango StartUp Studio has made since it launched in 2022. So far, the accelerator has invested in the sustainability start-up specialising in the resale of textile waste, Recovo, and the on-demand salary and flexible remuneration business, Payflow.
La Ms Mona was founded in 2012 with the mission to offer a more intelligent, responsible and sustainable way of consuming. The platform began with a B2C model of clothing rental, for both formal and everyday wear, and has now extended its business with a B2B model for brands that wish to launch their own rental service through their own customers. La Ms Mona currently has 315,000 registered customers and 35,000 rented garments.
About Mango StartUp Studio
Mango Start-Up Studio, the fashion start-up accelerator created by the company, aims to promote innovation in Mango, detect new growth opportunities and participate in the development of new technologies or business models.
To achieve this, Mango StartUp Studio is looking for companies and ideas at the development stage in order to make seed-capital investments that contribute innovation to the fashion industry value chain and improve the customer experience.
Technology and sustainability are two areas of priority interest for the accelerator, in addition to all the links in the value chain, from product creation and sourcing to distribution.