Its description is "A must have for chefs and foodies".
If a player interacts with this item, they will equip the Cooking Kit gear. This can only be done by players with membership.
It was originally an interactables item, and only members could buy it. In the 1.10.5 update, it was changed to a furniture item, and players could buy it without membership.
Both traits were reverted a few days later, on July 12, 2018.
They were reverted back in the 1.11.0 update, and this item remains as a furniture item available without membership.