The fashion rental business, hit hard by COVID lockdowns, is tipped to bounce back bigger than before with more customers looking for opportunities to frock up after months of languishing at home. Globally the fashion rental market is valued at $1.2bn and tipped to reach 2.57b by 2023.
Large fashion rental players include Rent the Runway in the US, By Rotation in the UK and La Más Mona in Spain. There are significant environmental benefits to renting, rather than purchasing fashion items. Simply doubling the amount of times an item is worn can reduce its carbon emissions by 44% but if 5 people lease the 1 garment, CO₂ emissions are reduced by 70%.
Recently, Ralph Lauren became the first luxury fashion brand to offer consumers the option to rent their clothing through a monthly subscription model. Subscribers receive four pieces from the brand and are able to keep them for as long as they want, with the option to purchase at a discounted price.
Australian Fashion Rental business GlamCorner offers a similar service. Called GlamCorner Premium, members can choose from a monthly or unlimited service offering three designer pieces in each box. The prices range from $99 to $149 a month and subscribers can keep the garments for as long as they want.
Audrey Khaing-Jones, Co-founder of Glam Corner feels that COVID has forced consumers to think about how and why they purchase: “Overall, consumers have become more savvy and conscious of their buying habits in every aspect of their lives over the past twelve months, and that has actually accelerated the adoption of circular fashion in Australia.”
Like to speak with the team on the top trends facing the fashion industry? Contact Janine, Amy and Natalie on (03) 9654 5988.