It is a long cherished dream of many Indian brides to wear Manish Malhotra or a Sabyasachi Mukherjee on their D-Day. On an average these designer labels are retailed minimum price band of over lakh rupees, spending such enormous amount for single occasion would be just a dream for vast middle class segment. However, on line luxury renting, a new concept which is allows luxury fashion at affordable prices is gaining immense poplulartly. As per the media report, online fashion rental market in India is pegged at $3-4 bn and growing at a healthy rate due to continuous explosion of start-ups in fashion renting business. Speaking on same, Aanchal Saini, Co-Founder & Chief Executive Officer, RENT IT BAE said, "Every woman should dress beautifully everyday of her life without having to spend a fortune of her earnings. RENT IT BAE solved this dilemma by introducing a niche fashion rental service by offering a plethora of brands and designer labels at 10% to 15% of the retail price.”
RENT IT BAE is not only renting wedding wear but offers a vast wardrobe having a variety of western outfits and accessories including jewelry, sunglasses, minaudières, hand bags and watches. Currently, the company is catering to customers in Delhi, Gurgaon, Noida, Ghaziabad and Faridabad with a customer base of 5000+ users per day.
It is about ‘Indulging’ rather than ‘splurging’!
The fashion renting industry is in its nascent stage right now and the only way to go from here is up. The concept will definitely be a game changer for the apparel industry in its entirety. Speaking on same, Jheal Shah, CEO & Founder, The Stylease, said, “Luxury on rent helps the common man gain access to every aspirational designer outfits they've always dreamed of wearing. That’s why we started this idea. The concept will definitely be a game changer for the apparel industry in its entirety. It makes luxury affordable for the common man and enables people who are interested in fashion gain access to the latest designs at a fraction of the cost.
The companystarted with 25 odd outfits in the month of May this year; the company has grown to over 270 products on its website and has much wider assortment in its store located at Andheri, Mumbai. The company is also forying mens wear shortly.
Moreover, due to the overwhelming influence of social media repenting clothes and jewellery at high profile social events can cause social embarrassment. Breaking the stereotypes millennials these days believe in renting over spending as it is no longer a taboo concept. "Everybody follows celebrities on Instagram and know what they are wearing. A lot of it is designerwear, which is out of reach of most people. Hence, renting is an option," said Shreya Mishra, co-founder, Flyrobe. The company had raised s $5.3 million in Series A funding led by IDG Ventures last year.
On only in Fashion, renting is becoming a popular concept in other categories as well, "We see a lot of customers renting luxury bikes over weekends or for road trips. These are mostly young people in the age bracket 20-35, who do not want to spend money on a Harley, but want to experience riding one," said Rishab Malik, co-founder, Droom, which reports growth of 10-12% every quarter.
Only risk involved with renting business is if someone steals the product and run away.” We have our legalities in place to counter something like that but it's never happened to us till date. You also have to worry about stains once the garment is back but our industrial care partners do an excellent job of handling that for us,” informed Shah. Moreover, educating the market and making women accept the newfound ways is one very big challenge in this business.
Clearly, renting is a win-win situation for all, as a business owner you are not supposed to own all the renting merchandise as in most of the cases you have tie up for with designers and individuals who own these outfit for which they earn their cut. And for consumers they can flaunt new fashion everyday without splurging much.