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The online fashion rental market in India is pegged at $3-4 billion and is growing at a healthy rate due to continuous explosion of startups in fashion renting business
It is a long cherished dream of many Indian brides to wear Manish Malhotra or Sabyasachi Mukherjee designed outfits on their D-Day. On an average, these designer labels are retailed at a minimum price band of over a lakh rupees, spending such enormous amount for a single occasion can be a costly affair for many. However, online luxury renting, a new concept which allows luxury fashion at affordable prices, is gaining immense popularity. As per the media report, online fashion rental market in India is pegged at $3-4 billion and is growing at a robust rate due to continuous explosion of startups in fashion renting business. Speaking on same, Aanchal Saini, Co-Founder & CEO, RENT IT BAE, said: “Every woman should dress beautifully without having to spend a fortune of her earnings. RENT IT BAE solved this dilemma by introducing a niche fashion rental service by offering a plethora of brands and designer labels at 10-15 per cent of the retail price.”
RENT IT BAE is not only about renting wedding wear but also offers a vast wardrobe with a variety of western outfits and accessories including jewellery, sunglasses, minaudières, handbags and watches. Currently, the company is catering to customers in Delhi and NCR with a customer base of 5,000-plus users per day.
Indulge rather Splurge
The fashion renting industry is in its nascent stage. Speaking on the same, Jheal Shah, CEO & Founder, The Stylease, said: “Luxury on rent helps the common man gain access to every aspirational designer outfits they’ve always dreamed of wearing. That’s why we started this idea. The concept will definitely be a game changer for the apparel industry. It makes luxury affordable for the common man and enables people, who are interested in fashion, gain access to the latest designs at a fraction of the cost.
The company started with 25-odd outfits in May this year; the company has grown to over 270 products on its Website and has much wider assortment in its store located at Andheri, Mumbai. The company is also forying into mens wear shortly.
Moreover, due to the overwhelming influence of social media repenting clothes and jewellery at high profile social events can cause social embarrassment. Breaking the stereotypes, millennials these days believe in renting over spending as it is no longer a taboo concept. “Everybody follows celebrities on Instagram and know what they are wearing. A lot of it is designerwear, which is out of reach for most people. Hence, renting is an option,” said Shreya Mishra, co-founder, Flyrobe. The company had raised $5.3 million in Series-A funding led by IDG Ventures last year.
Renting is becoming a popular concept in other categories as well. “We see a lot of customers renting luxury bikes over weekends or for road trips. These are mostly young people in the age bar 20-35, who do not want to spend money on a Harley, but want to experience the ride,” said Rishab Malik, co-founder, Droom, which is reporting a growth of 10- 12 per cent every quarter.
The only risk involved with renting business is if someone steals the product and run away. “We have our legalities in place to counter something like that but it’s never happened to us till date. You also have to worry about stains once the garment is back but our industrial care partners handles it excellently,” informed Shah.
Clearly, renting is a win-win situation for both, as a business owner you are not supposed to own all the renting merchandise. And for consumers, they can flaunt new fashion everyday without splurging much.