Starting a fashion business seems profitable as everyone wants to look good, especially with the rise of Instagram and social media per se. The problem is, most of these people prefer to wear an outfit only once.
So as a retailer, where does this place you? What kind of approach will you take knowing that there’s a growing pile of gowns and sequin party dresses in your shop every month? How will you take advantage of the “one and done” habit of many shoppers?
Enter Rental Services
Could this be the best solution?
Can you rely on a rental service type of business if you want to maximize earnings with your stunning dresses built for special occasions?
For some of you, this might be a crazy idea. However, renting services is nothing new. In fact, it has been used widely even by other niche, such as AirBnB and Uber. And for style-conscious people, this could be a great concept.
After all, today’s generation seem to splurge more on experience rather than belongings. Most of them choose to rent rather than buy and own clothes, bags, and accessories. It’s not surprising anymore as it resolves issues, such as environmental concerns on clothing disposal and of course, affordability.
Reasons Why Rental Fashion Has A Huge Potential
As mentioned above, rental services may be the answer for clothing disposal concerns. In case you don’t know, the second most polluting industry is fashion. According to a source, 81 pounds of clothing are thrown every year, and that’s only in America.
Now, the rental industry provides a great alternative. Instead of buying new clothes and disposing it afterwards, your consumer can get the style they want by simply renting it. With a decline of purchased clothes, so as the pollution.
Think of it this way: renting also lets you save money. Rather than buying an expensive getup for a special occasion that you’ll only wear once or twice, you can just allot a small amount of cash for rented clothes.
As a result, you also save closet space. There’s no need to worry about piling bulky gowns and dresses in the wardrobe since after a week, you can return the outfit to the rental store.
Renting clothes also serves a variety of styles. Whenever you want to mix and match pieces but your wardrobe won’t let you, you can just run to your favorite rental service. There’s a massive collection to choose from and the sky is the only limit to your desired style. Whether you want to showcase a Bohemian-inspired look or something even more sophisticated, rental service is the answer.
For those who want to have a lavish lifestyle but can’t afford it yet, renting could give a glimpse of what having designer bags and clothing feel like. We all know that owning high-end labels means spending a lot but with rental services, you can get the classy style you dream off without a rip in the wallet.
Also, if you’re the type of person who doesn’t want to wear the same attire on another occasion (don’t worry, you’re not alone), you can rely on rental services. You can pick the dress that suits you, return it afterwards, and never have to worry about wearing it again.
On top of this, renting lets you save time. Most clothing rental services have websites you can visit and this means that there’s no need to check out several shops in the mall. All you have to do is browse or even search for that specific attire you’re looking for, add to cart, and you’re good to go.
Still clueless about how online rental services look like? Here are three perfect examples:
Exhibit A: Rainey’s Closet
Stylish Rentals For Kids -- that’s what Rainey’s Closet is about.
Based in Pensacola, Florida, this online rental business provides designer clothes and unique accessories for special occasions. They also offer fashion clothes for kids and maternity dresses so moms can achieve their dream pregnancy shoots in style.
With over twenty thousand followers on their social media account, there’s no doubt that this fashion rental brand is a hit online!
Exhibit B: Rent The Runway
The Renting Revolution Is Here -- definitely!
Thanks to Rent The Runway, kids and women have unlimited access to designer clothing and accessories. The brand serves all kinds of outfits for formal events, holidays, and other special affairs.
If you’re wondering about the estimated annual revenue of this brand, well, it’s just $20M. See the potential?
Exhibit C: Bag Borrow Or Steal
Borrow, Collect, And Share Luxury -- one powerful statement from Bag Borrow Or Steal. And who would have thought that this concept would work? I mean, who loves designer bags? And by that I mean, EVERYONE!
Now, there are three ways to enjoy this brand. One is to borrow, which is basically renting a designer bag like Gucci and Chanel. Next is buying it in case you have a collection to grow… or you can’t keep your hands off it. And third is to sell your own designer bags to them.
Considering these brands, it only shows that renting clothes is the future. It provides a lot of benefits not only to the consumers but the providers itself. It may still be something new, for now, but sooner or later, people will realize its true potential.
Do you agree with this post? What’s your favorite rental clothes brand? Feel free to share your thoughts in the comment box below.