The Growth of High-end Fashion Rental
Friday, November 15th, 2019
Bloomingdale’s recently launched an online clothing rental service called ‘My List’ – the first ever from a high-end department store. The rental service provides a ‘try before you buy’ subscription that will cost shoppers $149 per month and allow them to create a list of at least 10 pieces they want to rent, with the ability to prioritize favorites.
With the rise of the sharing economy and a growing interest in the rental market, people are now looking for more variety and flexibility across all aspects of life, including fashion. To keep up with shopper demand, retailers such as Amazon and Urban Outfitters are adjusting their business models accordingly, offering their customers a cost-effective way to experience the latest fashion in a way that best suits their lifestyle.
Will rental services help high-end retailers expand their market opportunities by becoming more approachable to a broader shopper base?
Contributed by: Marta Formenton, Integer London
Image Source: Unsplash