Developments at Avelle
Avelle, the fractional handbag supplier previously known as Bag, Borrow or Steal, is trimming its workforce. The company -- often described as the "Netflix of Handbags" -- eliminated positions representing about 20 percent of payroll earlier this month.
Avelle Chief Executive Mike Smith said "Everyone is feeling the impact of the economic downturn in some way. As a player in the luxury goods category, we are at an advantage because we offer an alternative to buying luxury during a time when people are really looking for new ways to shop. Renting gives access to luxury without the large expense or commitment of ownership."
Although on the face of it this is another doom and gloom ‘credit crunch’ story but apparentlly Avelle membership levels have more than quadrupled in the last 12 months to in excess of 1m and Avelle continues to hire staff in some areas unrelated to the cutbacks.
A look at their website also reveals an expansion into sunglasses, watches and jewellery alongside an established handbag range.