SHARING IS CARING
Services allow users to rent clothes from one another
High-end fashion rental services, led by Rent the Runway, have changed the game when it comes to style. Two-thirds of youth would opt to have fewer items that are high quality than more items that are lower quality, and renting such luxury items gives them even more flexibility. New services are bringing fashion rental to the peer-to-peer marketplace, allowing participants to open their closets to earn some cash and explore others’ closets to expand their own wardrobe.
Invite-only peer-to-peer fashion rental service Tulerie is highly focused on sustainability, particularly the negative environmental impact of fast fashion. The app allows users to lend and rent high-fashion threads from its chosen list of designers across the U.S., providing the opportunity to engage in a circular retail economy that removes fast fashion from the equation. Tulerie has an algorithm to determine rental rates for easy use, charges 200% of the retail value of an item if damaged to safeguard against such incidences, and removes users from the platform if they receive three negative reviews to uphold a trustworthy community.
The two sisters behind STMNT also launched their business to counteract the toll of fast fashion. Based in Canada, they started STMNT in Western University’s accelerator program for entrepreneurship; operational since last month, the brand operates mostly through Instagram transactions and pop-ups. So far, about half of the customers have been local sorority women who have many social events this season but don’t want to buy a new outfit for each one. Next year the sisters want to take STMNT mobile with an app.
RENT MY WARDROBE
Female empowerment is at the core of Rent My Wardrobe; 28-year-old founder Rachel Sipperly wants to give other women the opportunity to think like entrepreneurs and use the service—both as renters and lenders—as a way to be financially savvy. The app is available for use in Dallas, allowing users to rent and lend within their local community. Sipperly plans to connect students from affluent high schools with peers in other areas to get the word out and provide opportunity to use the service; eventually she wants to launch nationwide.