Whilst the concept of fashion rental isn’t new, what is new is the rise of consumers renting more casual styles. With consumer habits changing and the fashion rental industry value expected to reach £2.3bn, it comes as no surprise that it has led to an increase in fashion rental companies online.
According to GlobalData, the UK fashion rental market value is expected to reach £2.3 billion by 2029, a stark increase compared to the estimated £400 million in 2019.
Today we look at 5 brands that are already redefining what it means to be ‘new’ and ‘relevant’ in the world of fashion. All whilst being less impactful on our planet. Including one who recently secured investment on Dragons Den.
Starting with Hurr collective, it is the UK’s first peer-to-peer clothing rental service. Founded in 2017, by CEO Victoria Prew, Hurr is helping Women find the latest luxury trends without the added expenses of purchasing. In addition, it helps support the planet by reducing the impact of fast fashion brands. Hurr is essentially building a tech community of like-minded women who have moved from online to pop-up in the last 18 months. This award-winning company specialise in mid-range and luxury brands and creates real accessibility to luxury fashion for a mainstream market.
Onloan works with the likes of Sea NY, Shrimps and The PHA Group client Joseph. Their membership model provides renters with either 2 or 4 outfits per month for a fee at just a fraction of the cost of the items worth. Furthermore, CEO and Founder Tamsin Chislett, suggests they are set to be the source of great clothes for a generation of women who are fed up with the high street but priced out of luxury.
Fresh from making history on Dragons Den. Founder Charlotte Morley’s ethical clothing for children’s is now primed to make waves in 2022. With no long-term commitment, parents can simply pick a plan, either monthly or quarterly and then select their first selection. Moreover, once kids have grown out of them, they can simply return them and opt for someone bigger.
Essentially, Nuw positions itself as a social network for people who want to share their clothes locally. For a simple £8 monthly membership fee users can post items of their own and share clothes.
Although relatively new due to the nature of peer-to-peer sharing you can expect to find some big names on the site like reformation, Rejina, Pyo and Rixo.
Endless wardrobes fashion rental service is unique in the fact it offers you the opportunity to buy pieces either new or nearly new. Additionally, it also works directly with brands giving consumers a great deal of opportunity with major high street brands as well as designer options.
Whilst rental fashion is set to boom this year attracting new customers to this concept may remain particularly challenging. If you would like to discuss more how a full-funnel marketing strategy can help drive you new customers please get in touch, today
