Shared economy space is on a high globally:Amit Sharma, Rent It Bae
When it comes to age, our target audience are between 20 to 40 years old. But recently we have seen good traction from women above 45 as well for their interest in Jewellery and Handbags/Clutches.BY Jyotsna Singh | June 30, 2018 | comments ( 0 ) |
Amit Sharma, Co-founder and Chief Strategic Officer at RENT IT BAE
Just two years into the industry, RENT IT BAE plans on leading the shared economy wave in the country in fashion rental space. In this interview with Jyotsna Singh, Amit Sharma, Co-founder and Chief Strategic Officer at RENT IT BAE, talks about the growth and future of the two-year old start-up.
What was the goal behind starting RENT IT BAE when a number of fashion rental start-ups were already around?
The rental market has already been in our country for more than a decade. However, their existence has been limited to substandard wedding lehengas and bridal jewellery. We started RENT IT BAE as a premium tech enabled fashion rental service to make the market niche by adding labels and brands to cater to the fashion appetite of many. We firmly believe that every woman has the right to look good, at all times. We take great joy in helping people create their closet.
What are the demographics of your consumers?
Working people who are aware of fashion and in admiration of designer labels are our target audience. When it comes to age, our target audience are between 20 to 40 years old. But recently we have seen good traction from women above 45 as well for their interest in Jewellery and Handbags/Clutches.
Which cities are you currently present in?
At the moment, we are present in 15 cities. We are getting amazing response from Delhi, Mumbai, Bangalore, Pune, Chandigarh, and Jaipur. We have orders from the entire Delhi NCR, but our deliveries to Gurgaon are increasing at a way higher pace than anticipated.
What is your product range like?
Our product range includes western brands, ethnic labels and accessories for women and men. The wide variety of brands and designer labels are available at 10% to 15% of the retail price.
How do you plan on solidifying your position given the tough competition in this space?
Since a last couple of years, shared economy has evolved in our country and has a promising potential in our country. RENT IT BAE has been one of the pioneers in this space and we have been educating women about these new found ways and there has been a very positive response from the consumer. We do have some competition in this market which only testifies that there is massive potential in the shared economy sector. RENT IT BAE has introduced India's first Fashion Subscription Model to satisfy the unlimited fashion craving of women. In just Rs. 3999/- per month women can dress new every day.
What is future of fashion rental industry?
The shared economy space is on a high globally, established players being: Airbnb, Uber and Netflix. This space is new and attractive with players trying to establish themselves in different rental spaces: Vehicles, Furniture, Appliances, Books, Sports equipment, Jewellery, Handbags, and Apparels, etc. It is only going to grow further due to the evolution of the concept of shared economy amongst Generation Y, Z and the rise of influential marketing (Bloggers, B-Town) over social media defining a style statement which is followed by masses. There has also begun a behavioural change among the user, which includes not wanting to repeat the same clothes and the desire to be clad in designer or branded clothes without burning a hole in the pocket.
Not many people know that fashion industry is one of the major waste contributors. What has been the impact of fashion rental industry?
Textile waste is huge problem textile waste couldn’t be recycled since it goes through a long and tedious process of bleaching and hard-core processing. Now we contribute to that by buying clothes that we will never wear again. Fashion rental industry is a platform that is helping put a leash on the problem. It does not only provide with unlimited access to fashion supply but it also save the sinking ship called environment.