No doubt the advent of eCommerce has opened doors to different ways of doing business and for consumers to accept and try these innovative models. After the advent of formats like mobile commerce, hyperlocal apps, dark stores etc., the online retail vertical is now moving towards mojo of renting. Gone are the days when consumers used to avoid secondary shopping options such as renting or buying second hand products. Today millennial consumers are more open to such options as it saves not just money, but also time. The models is picking up huge pace in fashion industry as it’s not a taboo anymore to turn up at a high profile event in clothes that are rented and not owned. It’s rather a smarter and an economical shopping alternate and a sartorial reflection of a busy social calendar.
Comparing the wardrobe rental market with countries like the US, Indian is still into its early days. As per a report, Indian fashion rental market, including western and ethnic wear in metro cities, is estimated to be around $4-5 billion. One big reason why fashion rental industry has a bright future is the fact that everyone wants to be a clad with designer or brand clothes, but fail to do so because of how overpriced they are. Another reason is the desire to not repeat an outfit adds to why renting is the best suits option for those who want to parade with a style quotient. The model has picked pace over the last few years with splurge in demand and investment. While some of these models are operated on virtual stores (online marketplaces), there are quite a few that have a physical retail presence.
Here is the list of some online and offline fashion rental stores carving a niche in this highly propelling retail segment:
Founded by IIT Bombay alumni - Shreya Mishra, Pranay Surana and Tushar Saxena, in September 2015, Flyrobe is an online fashion rental platform based out of Mumbai. The startup gives out fashion apparel and accessories such as designer clothes, jewellery and bags etc.
The startup claims to have partnered with designer labels like Outhouse, Masaba Gupta, Shehla Khan and Ritu Kumar. Operational in New Delhi and Mumbai, the rental platform has recently expanded its services in Hyderabad and is all set to launch in Bengaluru anytime soon. Within a span of around one year, the startup has become one of the leading names in rental ecosystem and feature brands like Mango, ASOS, FCUK, Forever New and others.
The Clothing Rental:
Started in 2005, The Clothing Rental is one of the oldest names in the fashion renting space. The company has an online website and along with it also has two stores in Mumbai (in Bandra and Versova). The firm claims to be a secret destination for professionals from films and media industry.
Apart from sourcing garments from the most fundamental brands, this service also allows a customer to rent out original brands from their New York buying office. The Clothing Rental offers a wide range of wardrobe for both men and women. The products include suits, tuxedos, shirts, shervanis, jewellery, handbags, shoes, boots etc.
Founded by Sahyujya Srinivas in mid 2015, Liberent is a fashion rental platform for women that offer an exquisite range of traditional and western clothing lines. Launched in Bengaluru after Hyderabad and Chennai, LibeRent lets you rent clothes, which will be delivered to your doorstep a day before the event and picked up a day after.
With a rental period spread over 3 days, customers can get a garment from LibeRent with no additional security deposit. The fashion rental service makes alterations according to the measurements given by the customers.
Founded by Arshad Azad, Oh Look is a subscription-based fashion rental portal designed especially for men. With a massive wardrobe collection, the startup has partnered with top clothing brands in including Louis Philippe, Zara, Jack & Jones, Allen Solly, Wrangler and more.
Within months after the launch, the company claims to have a user base of around 250 monthly customers. , After a whooping response, the Hyderabad based startup is all set to launch on-demand premium, ethnic and party wear service, which will flaunt ultra-premium brands like Versace, Armani and Ben Sherman, among others.
Started way back in 2009, Wrapd is a fashion rental firm that initially started as Rent A Party Dress. Renting party dresses is still one of the services that the company gives. Customers can go and check out the outfits from either their stores or by browsing on the website.
The company claims it to be ‘everyone’s wardrobe’ where one can get a brand new look for every occasion.