In my recent article, I discussed how access-based ownership or fashion rental needs to become mainstream in the fashion industry to reduce GHG emissions and waste from the fashion industry. It’s encouraging however, that circular economy businesses are emerging to offer conscious consumers access instead of ownership. A 2019 report by McKinsey, “The end of ownership for fashion products?” showed how rental services are changing consumer behavior, with the global clothing rental market expected to grow to $64 billion by 2028 at a compound annual growth rate of 54%.
This article highlights some of the fashion rental businesses that are helping transition consumers from the concept of full ownership to access-based ownership, with the aim of helping reduce waste from the manufacture of virgin materials and overconsumption from consumers. These businesses offer products such as rental, subscription, sharing, or leasing options, rather than the traditional sales.
Rotaro
One company at the forefront of this trend is Rotaro, a platform that allows customers to rent designer clothing for special occasions. The argues that they aren’t like other rental platforms because of their direct relationship with brands. As a result, they hold our stock centrally and can we guarantee quality garments delivered on time. The company offers a wide range of designer dresses, suits, and accessories for both men and women, and has partnerships with leading brands such as Gucci, Prada, and Louis Vuitton.
Hirestreet
Another company in this space is Hirestreet, which focuses on renting out affordable, high-street fashion. The company’s mission is to help customers look and feel their best, while also reducing their environmental impact. Hirestreet offers a wide range of clothing and accessories for women, with a focus on sustainable and ethical fashion.
Hurt Collective
Hurr Collective is a platform specialising in the rental of luxury and high-end fashion, focusing on sustainability. It offers a wide range of women’s clothing and accessories, focusing on sustainable and ethical fashion. The company’s mission is to reduce waste and promote a circular economy by offering customers the opportunity to rent high-end fashion rather than buy it.
Cocoon Club
Cocoon Club is a platform that specialises in the rental of high-end fashion for kids and babies. The company’s mission is to offer parents an affordable and sustainable alternative to buying new clothes for their children. They only partner with the best brands and designer and ensure that the clothes are in great conditions before renting it out.
By Rotation
By Rotation, is a platform that specialises in renting designer shoes and bags, it offers a wide range of designer shoes and bags and also gives customers the option to buy the shoes after they have rented it. The company’s mission is to give customers access to luxury shoes and bags they could not otherwise afford.
My Wardrobe HQ
My Wardrobe HQ is an online rental platform that specialises in high-end designer fashion, including clothing, shoes, and accessories. The company’s mission is to help customers look and feel their best, while also reducing their environmental impact. My Wardrobe HQ offers a wide range of clothing and accessories for women, with a focus on sustainable and ethical fashion.
LOANHOOD
LOANHOOD is the peer-to-peer fashion rental platform that looks and feels just like a social app. Driving positive outcomes for your wallet and the planet, LOANHOOD helps you make and save money while keeping clothes out of landfill.
The shift towards access over ownership in the fashion industry is evident, with a growing number of companies offering rental services for designer clothing, shoes, and accessories. These companies offer customers a sustainable and affordable alternative to buying new clothes, while also reducing waste and promoting the circular economy. The global clothing rental market is expected to grow significantly in the coming years, and it will be interesting to see how these companies continue to innovate and adapt to meet the changing needs of consumers.