Rise of rental services in fashion
The fashion industry is exploring how to become more circular. And one way of doing that is appying rental and leasing business models. Rental in fashion isn’t new, but it’s changing. Driven by fashion tech companies with expertise in reverse logistics and inventory management, rental is transforming from an outdated model to an innovative, modern way of consuming fashion. Success stories that have manged to draw attention worldwide are Rent the Runway (US), Ycloset (China) and Dutch Mud Jeans with its leasing system. Recently in the Netherlands, we have seen young and bold entrepreneurs starting their own rental fashion companies. Probably a smart move, as the fashion rental market is projected to be worth $1.9bn globally by 2023 – a doubling in value from 2017.
Change of mindset; the end of ownership
Interestingly, it’s not just the fashion indsutry that needs to shift its mindset. Renting fashion on a daily or more regular basis, also demands a shift in our own mindsiet, as a consumer. We’re still used to purchase fashion and owning our wardrobe.
The event is accompanied with an editorial series about the rise of rental services in fashion, which will be publsihed in June, and onwards, in OW. Magazine.