Meikka: Luxury Handbag Rental Service

Meikka: Luxury Handbag Rental Service

By Emma Lee on September 30, 2013

China has become world’s largest market for luxury products in the wake of the economic development and the formation of middle class. However, the daunting prices of luxury handbags are still not affordable for every handbag-conscious fashionistas. Meikka, a Chinese Rent the Runway clone focused on handbags, can ease the torture of luxury enthusiasts by allowing them to hire designer handbags such as Channel, Gucci, Louis Vuitton, Fendi, etc., for a fraction of the retail price. The platform will deliver and pick up the handbags from customers who can rent with around 0.6% of the retail price per day.

The service is ideal for glamorous one-time evening bags that people wouldn’t normally buy. Meikka also aims to transform their services to a pre-sales experience for luxury handbags for everyday wear.

The company planned to establish cooperation relationship with luxury brands and become a sales channel, because the customers may eventually buy the product if they like the rented ones.

Meikka also aims to add social shopping services by introducing social networking platforms, consultation websites, apps and forums to increase user stickiness. Moreover, the firm planned to partner up with fashion bloggers to better promote their services.

Meikka targets to become a domestic trailblazer in luxury product rental service, which is still a new business in China. Several domestic e-commerce website focused on luxury products, such as Secoo, also launched luxury product renting projects to explore this business.

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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