The rise of circular business models in fashion (We.Make.The.City)

In a circular world, everything we consume and dispose will be looped back into our economy. Ideally, nothing is wasted, because waste is just as much a resource. This approach is needed more than ever, as the earth’s resources are becoming scarce and climate change is ever more pressing. 

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by fashion tech companies with expertise in reverse logistics and inventory management, rental is transforming from an outdated model to an innovative, modern way of consuming fashion.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.