Urban Outfitters is the latest store to announce that it will launch a clothing rental service.
In fact, he is so sure that young consumers want to sell their clothes instead of buying them directly that they have launched a completely new business to support this. Called Nuuly, the new business will be launched this summer, giving members the opportunity to clean the clothes of all brands of Urban Outfitters (Urban Outfitters, Antropology and Free People), as well as more than 100 third-party brands such as Reebok, Levi's, and Wrangler.
Urban Outfitters is a good company. Other brands such as American Eagle and Express already offer their own versions of clothing rentals and react to changing habits in the market.
… Read more Rent the Runway is now a $ 1 billion company in its quest to become the "Amazon Prime of rental"
Last year, Business of Fashion said that rent is one of the next big trends in the fashion industry and a natural progression of what has been happening elsewhere.
"In more and more categories, consumers are choosing to rent instead of buying products directly," wrote a group of writers in the report of the State of Fashion publication for 2019, called Netflix, Spotify and ZipCar as examples. If millennials are not buying houses, cars or the latest movie, why would they continue to buy clothes?
"This is a fundamental evolution in consumer behavior and we hope it will have an impact on the fashion business in the coming years," they wrote.
Rent the Runway is the leading player in clothing rental at this time. The company was valued at $ 1 billion in March after raising $ 125 million in a round of financing. The executive director of Jennifer Hyman has said that she has proposed to create the Amazon Prime rental.
"This new living room is what we've been looking for not only for you to dress, but it will apply to all the products you use," he told The New York Times in March.
"Nothing is off the table," he told Business Insider. And she has already progressed. Through a partnership with West Elm, Rent Runway recently added clothing for children and bedding to their offer.
Attitudes towards property are changing.
Beyond renting a tuxedo for a wedding weekend, the rental of clothes had not taken off until now. This is because attitudes about buying clothes are changing.
Experts say young consumers are looking for more sustainable ways to buy and live lives free from clutter in the spirit of Marie Kondo.
And the rent fits perfectly with these two habits: it feeds its thirst for novelty and does it in a sustainable way.
However, there is an obvious loser in this scenario. That's the fast fashion store (H & M, Forever 21, Asos, for example) that has traditionally attracted younger buyers with low prices and a constant sales volume of clothing.
While the reaction against these stores is not widespread, it is brewing.
"The signs are [fashion is] "On the same path as plastics and forests and alternatives to meat," Mike Barry, director of sustainable business at UK retailer Marks & Spencer, told The Guardian recently.
"He would be a very good business leader who did not investigate the next 12 to 18 months and said we did not go there," he said.