Luxury rental and re-commerce platform My Wardrobe HQ has announced its merger with fellow UK-based fashion rental and resale platform Cercle, which focuses on unique luxury and vintage items.
The strategic merger is to expand its global presence and enhance its offering, explained My Wardrobe HQ in a statement, as it looks to form a global fashion rental powerhouse.
As part of this merger, Coco Baraer Panazza, founder of Cercle, will join My Wardrobe HQ as chief executive officer. Known for her role as head of partnerships at Quintessentially, her global perspective in catering to the needs of the new generation of luxury consumers will be instrumental in driving MWHQ’s triple-digit growth and international expansion, added the rental platform.
In addition, My Wardrobe HQ founder Sacha Newall will transition into the role of chief operating officer to spearhead the international expansion plans. Newall will leverage the combined funding of 3.7 million US dollars that My Wardrobe HQ has raised in its latest funding round in conjunction with the merger.
My Wardrobe HQ said the capital infusion will fuel the company’s continued growth initiatives, such as strengthening its UK presence and setting itself up for international expansion with a strong focus on the business-to-business unit of the business, enabling brands to create their own rental and resale offering while being powered by My Wardrobe HQ.
Coco Baraer Panazza names CEO of My Wardrobe HQ following merger with Cercle
Commenting on the merger, Newall said: “This strategic move not only strengthens our position in the fashion rental market but also allows us to better serve our ultra-high-net-worth international clientele.
“We are at a moment in time where for sustainable options to become a default for the wider consumer market, it makes sense for companies in the space to come together. We have welcomed Wear the Walk, Rotaro and now Cercle to the My Wardrobe HQ family and we hope to see more consolidation soon.”
The merger solidifies My Wardrobe HQ’s ability to harness global reach, expand its audience and enhance its market influence as it looks to cater to the growing demand for circular options and continue to be part of a movement towards more conscious consumption.
Baraer Panazza added: “This merger marks a significant milestone for both My Wardrobe HQ and Cercle. Looking at the global fashion rental and resale market, there is a need for consolidation to optimise how we support brands with their circularity efforts for the industry to become more sustainable and how we offer the best service and curation to the end consumers.
“I am excited to join forces with the MWHQ team, as we are at a time where collaboration over competition will allow the drastic change needed in the industry and for all of us to build more impactful businesses at scale.”
In August 2023, My Wardrobe HQ partnered with Gen Z-focused fashion rental platform Rotaro to consolidate stock offered by the two businesses to target a younger audience.
The move was designed to create the ultimate “closest in the cloud” for UK consumers by increasing the range of both partner brand and individual vendor items.