High Street retail group Mango is investing in party dress and accessories rental platform La Más Mona through its Mango StartUp Studio accelerator.
In a statement, Mango said that the investment involves financial support in La Más Mona through a convertible participation loan, as well as launching a clothing rental pilot trial on its website via the new Mango Renting service. The service will offer around forty pieces that will be updated every month.
The move also represents the rental platform’s entry into Mango’s acceleration programme, where start-ups discover first-hand knowledge of the retailer’s operation to help scale up their own business model. They also receive advice and mentoring sessions given by company professionals in areas such as the internationalisation of operations, technology, and people management.
La Más Mona was founded in 2012 and started with a business-to-consumer model of clothing rental for both formal and everyday wear and has now extended its business with a business-to-business model for brands that wish to launch their own rental service through their own customers. The platform offers more than 35,000 rented garments and has 315,000 registered customers.
This marks the third Mango StartUp Studio investment after the retail group invested in Recovo, the start-up specialising in the resale of textile waste and Payflow, the on-demand salary and flexible remuneration business.