How Asia is daring to share: the rise of fashion rental services
- Fashion rental companies are springing up in Asia as shoppers overcome their reluctance to wear used designer outfits
- Some companies also offer alteration services and package deals
When American company Rent the Runway launched in 2009, it completely disrupted the fashion rental concept. For the longest time, dress rentals were limited mostly to bridal gowns and formal tuxedos. As it turned out, many women jumped at the opportunity to rent designer outfits and accessories at a fraction of their retail price.
By 2016, the company had more than nine million members and revenues of over US$100 million.
In Asia, the concept has taken longer to catch on, since wearing used clothing carries negative connotations here. But the rise of the sharing economy and the growth in popularity of services such as ride sharing through apps like Grab and Didi and short-term home rentals with Airbnb, has made the idea of renting clothing more palatable, especially to fashion-savvy millennials.
While Rent the Runway is not available in Asia, many similar rental concepts, such as Covetella, Style Lease and Style Theory, have sprouted up. Besides delivery and dry cleaning services, some rental companies offer alterations to ensure that a dress fits perfectly.
Carol Chen, the founder and CEO of Singapore-based Covetella, which was one of the first fashion rental companies to launch in the region, says: “Women are much more practical now, valuing experiences over ownership, not wanting to repeat outfits but not wanting to spend a fortune buying things they'll only wear once. Before, people wanted to accumulate assets; now they just want variety and convenience.”
After all, in the Instagram era, where just about every #ootd (outfit of the day) is posted on social media, it is hard to resist having access to a wardrobe of designer dresses and accessories at a steal. Digital strategist and founder of digital agency 21 Stories Jeneen Goh says: “Clothing rental services are very useful for people like me, who attend quite a lot of events and constantly need a change of clothes. I like the wide variety of outfits and being able to try new styles that I normally wouldn't buy.”