In China, the sharing economy stretches to fashion as millennials seek way around shortage of quality affordable designs
Apps such as home-grown YCloset and MSParis, and US-based Le Tote, tap demand from young professionals for affordable luxury rentals and from college-age fast-fashion fans without the income to constantly update looks
The growth in China’s e-commerce industry means there is an ever-expanding variety of designer brands just a click away for even the most discerning fashion fan. Yet there is an emerging group of women seeking more temporary style solutions, and they are turning to the sharing economy for answers.
It used to be that sharing apps for clothing in China were reserved for those special occasions that called for a designer gown and a handbag to match. Women who couldn’t afford full-time ownership of luxury evening dresses, or for whom it wasn’t it feasible to spend heavily on an item they would wear only once subscribed to services inspired by US online fashion rental service Rent the Runway.
But with only so many occasions to dress like a red-carpet celebrity, a new gap has emerged in the market, for basics.
“That’s what is really needed in China,” says Doris Ke, marketing and PR director for YCloset, a clothing sharing start-up. “You don’t really have a culture of having so many parties or gatherings compared to the US; in China, it’s more about everyday wear.”
Chinese clothing rental platforms such as YCloset and MSParis and, most recently, US-based Le Tote are racing to meet this demand from China’s aspiring middle class for everyday wear. The consumers targeted by these companies, mostly white-collar millennial women, want to update their look and add variety to their wardrobe at a lower cost and with less risk than buying items in a store.