Fashion‘Rental Fashion’: More Customers Will Change Their Clothing Brands

Finley Gilbert3 months ago64398 min

Boston Consulting Group conducted the study “Pulse of the fashion industry” in which different factors of this segment were analyzed. There were three thousand distributors from five countries (Brazil, China, France, United Kingdom and the United States). The results show that consumers are increasingly aware and concerned about social and sustainable responsibility.

Growing environmental problems, added to the fact that fashion is the second most polluting industry on the planet and one of the highest demand, have generated that the main brands in this sector choose to implement sustainable solutions in their processes. However, these have not been sufficiently effective and the progress of sustainability in the industry has slowed by a third compared to the previous year.

According to the report, which annually assesses the environmental and social aspects, by 2030 the fashion industry will have grown 81% worldwide. This represents 102 million tons of raw materials destined for fashion production and pressure on the resources of the planet never before seen.

For this reason, at the time of asking consumers what are the purchasing criteria for clothing and footwear, 75% considered that sustainability is one of the most important aspects?

Similarly, a third of consumers say they have changed their preferred brand for reasons related to sustainable practices and more than 50% say they plan to change brands if they find one that has activities that are more environmentally friendly.

Despite this, the study concluded that sustainability does not yet represent a determining factor. This is because although consumers have adopted new purchasing trends, conventional consumption still predominates. In principle, because more than 23% of consumers prioritize factors such as quality and price.

In Colombia, this industry generates annual sales of $ 18 billion, which represents 7% of consumer spending. 

The fashion for rent, or when the US choose a rotating wardrobe: Goodbye to that party dress bought for use only twice, or to the flowing blouse that accumulates dust in the bottom of the closet: the companies that rent clothes in exchange for a monthly subscription grow in the United States, and disturb the traditional fashion. 

Rental: that’s the keyword at the moment in retail” of the outfit, says Kayla Marci, an analyst at the Edited retail data firm. Ten years ago it began to be used for weddings or parties, but the market for the rental of clothing has been transformed, and now exceeds the $ 1 billion of turnover in the world, according to a study by the law firm Grand View Research, published in April.

Jacqueline Jackson, cosmetics industry executive, became a fan the day she realized that the price of the monthly subscription to Rent The Runway, the giant of the US market, cost her less than renting the dress she wanted to wear and going to a marriage.

“It’s nice to have this kind of unlimited wardrobe, to put on the things I would like to buy, because many of these pieces are quite expensive,” explains this mother of two young children, who does not have time to go shopping.

Like many of its competitors, Rent The Runway (RTR), with more than 11,000 subscribers, proposes a formula of 89 dollars in exchange for designer clothes that often cost several hundred dollars each, including Victoria Beckham, Proenza Schouler or Phillip Lim.

Currently valued at 1,000 million dollars, RTR also proposes an unlimited formula at 159 dollars, while the new company Armoire, a start-up born in Seattle that already has thousands of customers, costs 149 dollars per month.

Once used, the parts must be returned via the UPS mail service or deposited in one of the physical stores of Rent The Runway, which is responsible for cleaning them. Clients can also buy clothes.

“When you buy your own wardrobe, you wonder how many times you can wear that garment,” says Jackson, and “you avoid things that are too fashionable, that you will only wear one or two seasons. Even if you only see it once, it does not matter. “

Companies only deal with female clothes for now, collect information from their customers and use artificial intelligence and algorithms to propose to subscriber’s pieces that are likely to please them or that take into account their measurements.

“We’re going to show you things that we know you’re going to like, but we can gently push them out of your comfort zone,” explains Lili Morton, responsible for the development of the Armoire brand.

Finley Gilbert