FJONG
Provides limitless access to fashion in an affordable and sustainable way.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor investor | €0.0 | round |
| N/A | €0.0 | round | |
| N/A | €0.0 | round | |
| investor investor investor investor | €0.0 | round | |
* | N/A | Early VC | |
| Total Funding | 000k | ||
| EUR | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|---|
| Revenues | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % growth | - | 55 % | 18 % | (39 %) | 75 % | 61 % |
| EBITDA | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % EBITDA margin | (222 %) | (64 %) | (255 %) | (168 %) | (83 %) | - |
| Profit | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % profit margin | (262 %) | (143 %) | (355 %) | (348 %) | (194 %) | (336 %) |
| EV | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
Source: Company filings or news article
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FJONG operates as a clothing rental and subscription service, positioning itself within the circular economy and targeting the fashion industry's sustainability challenges. The company was established in 2016 by Sigrun Syverud and Kristin Vaag, who were later joined by Sophie Wiik. The founders' collective background in law, business, and technology provided a solid foundation for building a platform that addresses both consumer desire for wardrobe variety and the environmental impact of fast fashion. Syverud, with a background in law and experience in the fashion industry, identified the market gap for a more sustainable way to consume fashion. Wiik brought her expertise in business development and strategy to scale the company.
The business model centers on providing consumers with access to a large, shared wardrobe of clothing and accessories from various brands. Customers can rent individual items for specific occasions or opt for a subscription-based model that allows them to regularly rotate a selection of garments. This model generates revenue through both single-transaction rentals and recurring subscription fees. By extending the life cycle of clothing through renting, FJONG offers a practical alternative to ownership, appealing to environmentally conscious consumers and those seeking a more varied and cost-effective wardrobe. The service is designed to reduce overproduction and waste in the fashion sector.
FJONG's platform functions as a digital marketplace, connecting renters with a curated inventory of apparel. The service includes logistics, handling the delivery and return of items, as well as professional cleaning and maintenance, ensuring the quality and longevity of the garments. A significant milestone for the company was the acquisition of its competitor, VIGGA.us, in 2023, which expanded its market presence. In late 2023, the company initiated a rebranding process to 'ReLi', signaling a strategic shift or expansion of its vision for a circular fashion ecosystem.
Keywords: clothing rental, subscription service, circular fashion, sustainable fashion, wardrobe sharing, fashion technology, e-commerce, shared economy, apparel rental, collaborative consumption