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Fashion Rental Services and Their Effect on the Industry
Clothing and accessory rentals have become increasingly popular in recent years. Millennials in particular are big supporters of this trend. In fact, millennials are 3 times more likely to use clothing rental services than millennials. There are many reasons for this behavior.
First, college debt and the financial crisis make it impossible for young people to afford designer clothes. Thus began the clothing rental trend. Why not rent it for a month or two instead of buying a coat? And what about a dress for a wedding or an important event? Also for rent!
The practicality of this reason slowly became a trend. Millennials believe that renting and buying used is sustainable and economically viable. Problems such as reducing landfill waste are decreasing. Many renters also shop at thrift stores. When you buy used clothes, it is easier to resell them instead of throwing them away when you no longer like them. There is constant trading.
There are two different types of tenants. For those who have an event and just don’t have a fitting outfit, or those who take full advantage of the rental trend. Many renters use the rental service several times a month to dress for work or events. For the most part, the events stay in the same circle, and it gets noticed if someone wears the same outfit every time. Dressing up for work meetings is another reason to rent rather than buy. Women and men want to present themselves and their company in the best possible light. Wearing a well-fitting suit or dress can help.
It is no longer uncommon for anyone to arrive at a prestigious luxury event in a rented rather than owned gown or tuxedo. The hectic social life coupled with the onslaught of social media has made re-wearing clothes or bags almost unforgivable and unacceptable. Therefore, under these conditions, it does not make sense to invest thousands of dollars in clothing that will be worn only once. Unless one is a blogger who donates a new outfit to every event, renting is the way to go.
The allure of “no ownership” now extends beyond homes and cars. Fashion and accessories are now two of the biggest growth rental industries. It’s perfect for people who can’t afford luxury brands but rely on being well-dressed often. The new generation raves about multiple experiences and wants to be modern and trendy without the constant pressure of ownership.
Bret Norart, president of Le Tote, said clothing rentals have taken off because consumers want flexibility in their wardrobes. In addition, the recession made people less passionate about owning things, he said.
Even though we see many benefits for consumers, there is also a flip side. Small retailers and even larger companies have had to contend with the rental business in the past. Now they have to adapt to compete. Many retailers have already established a rental and wear branch for their business. A new industry based on the sharing or rental of clothing, electronics and small appliances is emerging from nowhere about five years ago, creating a disruptive force for traditional retailers.
Advantages and disadvantages of the parties involved:
Retailers: “Apparel will struggle to maintain priority spending,” Marshall Cohen, chief industry analyst at The NPD Group, told Retail Dive. “It’s competing for its share of wallet as younger consumers seek and spend more on services and experiences than ever before.”
Retailers need to step up and get on the clothing rental train for customers. If your brand is not innovative or a popular Instagram/Social media brand, your sales will soon drop. Due to these changes in customer behavior, many large companies have already had to downsize their clothing stores.
Consumers: This new industry, based on sharing or renting clothes, electronics and small appliances, is growing, threatening retailers. But what about the consumer?
Student loan debt and the Great Recession are almost forcing the youth of our society to find another way to dress well in quality clothing. Sharing is becoming a great alternative to ownership. This behavior has resulted in companies such as Zipcar, the taxi service Uber and the home rental website Airbnb. The rental trend is beneficial not only financially. Many Millennials are considering this option because of the environmental and economic benefits. Less waste means less burden on mother earth.
Despite all the renting, there’s one thing Millennials are still buying and not sharing. Their smartphones. Owned by about 85 percent of 18- to 34-year-olds, according to Nielsen research, these devices are the gateway to the sharing economy. Online apps are the most important gateway to rental and online shopping sites.
These arrangements are beneficial not only for non-owners. Renting a car or using it to transport people who don’t own a car means making the most of your investment. Making money with it is even better.
Economics: To understand the dimensions of the trade and rental business, let’s take a look at some of the largest clothing rental sites on the market. Currently, subscriptions make up about a third of Rent the Runway’s revenue, said Hyman, CEO and co-founder of Rent the Runway. In addition, she says the company reached $100 million in revenue in mid-2016 and has raised more than $190 million in venture capital in six rounds. The latest, a $60 million injection last year led by Fidelity Investments, drove the company’s valuation to a “significant increase” from the $520 million mark it set in 2014, Hyman told Recode at the time.
Clothing and accessory rentals have created a new market that is growing rapidly. Although most of the sites that offer these services are start-ups, more and more large companies are starting to enter the market. For example, Amazon, which is not yet in the market, could soon go on strike. Ann Taylor, the workwear brand, launched a $95 subscription service early last year, threatening a smaller company.
Environment: The fashion industry has a heavy impact on our environment. Ultra-fast fashion, which produces billions of dollars in clothing each year and is thrown away, usually without recycling, leaves a large carbon footprint on the environment. Many clothing rental companies are trying to combat this waste. They meet designers who want to make clothes more sustainable and rent clothes instead of overproduction. Renting for occasions, rather than buying and getting rid of, can reduce the amount of fashion waste you burn. Reduced waste leads to a cleaner planet and greater sustainability.
Many founders of clothing rental companies hope to take down fast fashion companies like H&M. This environmental mindset is one of the biggest reasons, besides money, why young people are so interested in the rental trend.
Fashion rental services:
rent clothes online
An online rental service offers designer clothing rentals. As the first gown and evening gown rental store, Rent the Runways has revolutionized shopping. The store does not operate on a monthly subscription, but on the value of the rented unit. This is usually 10-15% of the retail price.
After surpassing $100 million in sales last year, Rent the Runway is now trying to “shut down Zara and H&M,” co-founder Jennifer Hyman said in October. For $159 a month, RTR members can now borrow an unlimited number of clothing and accessories, from blouses and dresses to coats and bags, and up to four items at a time. The goal is to become the client’s full-time wardrobe.
Rent the Runway has opened multiple physical outposts in locations including Woodland Hills and San Francisco.
These stores are a far cry from traditional stores, rather than acting as showrooms, an extension of subscriber closets.
This online rental service operates on a monthly subscription basis. Instead of paying for each item rented, subscribers pay $59 per month and receive 3 items of clothing and 2 accessories delivered unlimited times per month. This service is ideal if you constantly need to buy new clothes, for example if you are pregnant. Le Tote is a great selection of maternity clothes. You can choose the clothes you want delivered.
Gwynnie Bee is another monthly subscription service. For $49 per month, the store offers an amazing plus size selection that you can choose from, up to 10 items per month. Not only is it a great deal, but the page has created its own community where members can share stories about their outfits and support body positivity. Gwynnie Bee’s focus is casual wear, but they also offer suits and evening wear.
Glam Corner is the plus size equivalent of Rent the Runway. Here, subscribers can rent designer dresses and gowns for a monthly fee. This company’s special offering is to offer inclusive sizing for all body types, including dresses that are bump-friendly.
Here’s a fast-paced rental shop! Style Lend promises the customer 2-day delivery nationwide and same-day delivery in New York. If the dress isn’t what you were looking for or doesn’t fit, Style Lend promises to exchange the dress before the event or you’ll get a refund. The price, hovering around $25 per rental, isn’t too bad either.
For owners, the sharing economy turns assets into revenue streams, allowing items to be useful all the time: someone who only uses their car every day to drive to and from work can rent out the vehicle to other drivers for the time being. For customers, the sharing economy provides convenience, value (it’s cheaper to pay to use something for a short period of time than to buy it outright), and a greater choice of products and services. It also offers non-ownership access, which has resonated with millennial consumers who came of age during the recession and are economically minded and who increasingly value experiences over material goods.
While other areas of the rental market are already thriving and growing rapidly, the fashion rental industry is growing more slowly due to logistical issues. Companies are working on solutions to these problems to make the process of renting and returning clothes even easier and more convenient for the consumer. Hopefully, in the next few years, clothing and accessory rentals will beat fast fashion and toxic waste by throwing clothes away.
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