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Will The Fashion Rental Market Ever Recover From Covid-19?

 

Written BY EMILY CHAN for Vogue online

With weddings on hold and summer holidays a distant dream, clothing rental has fallen dramatically since the pandemic began. But will coronavirus change our long-term attitude towards sharing clothes? Here’s what we know so far.

Before the pandemic struck, renting clothes was seen as the ultimate solution to the damaging buy-once wear-once culture so many of us had become trapped in. Instead of purchasing a new dress for a wedding or holiday, you could borrow one instead (thereby preventing it from ending up in landfill once you no longer had use for it). The clothing rental market was also starting to change the high street. H&M and Ganni were among the first retailers to begin trialling a rental model back in 2019, while several new platforms including Hurr Collective and My Wardrobe HQ have launched pop-ups in department stores over the past year.

But now that weddings have been put on hold and holidays seem like a distant dream, the future of rental — which was projected to be worth $2.5 billion (£2 billion) by 2023 — looks far from certain. In the US, Rent the Runway, the poster child for the fashion rental model, has already announced lay-offs, temporary pay cuts and furloughed staff in response to the pandemic. “Because of the Covid-19 pandemic, RTR’s sales have dropped significantly,” the company said in a statement on Twitter. “We therefore have had to make difficult decisions to sustain the business by cutting costs across the board.”

The company has also faced allegations that it has not properly protected warehouse employees from coronavirus — claims that it has since strongly refuted in both a statement online and a letter from CEO Jennifer Hyman to staff. The brand says it has enacted a series of safety measures in its warehouses, as well as giving employees the option of choosing not to work, staying home and using paid benefits. “This pandemic is far from over,” the company added in its statement. “We know that we will have to continue to make difficult decisions as we navigate forward, but we will always act with our values first.”

The long-term future of rental

While rental has been hit hard during international lockdowns, there are already positive signs that the sector is recovering. YCloset in China has seen the numbers of people renting increase since lockdown measures were eased.

The stripped-back lifestyle we’ve all become accustomed to since the pandemic began is likely to have a long-term effect on our shopping habits. Sustainability is expected to remain a huge concern — meaning the rental model, as an alternative to buying new clothes outright, is unlikely to disappear anytime soon.


Impact Of Covid-19 On Clothing Rental Platform Market

 

IndustryGrowthInsights, one of the world’s leading market research firms has rolled out a new report on Clothing Rental Platform market. The report is integrated with crucial insights on the market which will support the clients to make the right business decisions. This research will help both existing and new aspirants for Clothing Rental Platform Market to figure out and study market needs, market size, and competition. The report provides information about the supply and demand situation, the competitive scenario, and the challenges for market growth, market opportunities, and the threats faced by key players.

The report also includes the impact of the ongoing global crisis i.e. COVID-19 on the Clothing Rental Platform market and what the future holds for it. The pandemic of Coronavirus (COVID-19) has landed a major blow to every aspect of life globally. This has lead to various changes in market conditions. The swiftly transforming market scenario and initial and future assessment of the impact are covered in the report.

The Clothing Rental Platform Market is divided into the following segments to have a better understanding:

By Application:

Man
Woman

By Type:

Designer Clothing
Special Occasion Dresses
Maternity Wear
Casual Wear
Other

Some of the prominent companies that are covered in this report:

Key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report. Following is the list of key players:

Yeechoo
GlamCorner
Armoire
Lána
Gwynnie Bee
YCloset
Rent the Runway
Style Lend
Le Tote
MSParis
OOK
Haoyiku
Meilizu
Liangyihui

 


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You can rent these wedding dresses

Make a sustainable choice for your big day and rent your wedding dress.

Girl Meets Dress have been hiring wedding gowns to brides all over Europe for the past 10 years and the 2nd half of 2020 as the UK comes out of the coronavirus wedding ceremony lockdown, is looking increasingly busy.

Not only a massive money saver, but a smart choice for a guilt free day. How many brides do you know trying to sell their incredible dresses because they realise no use for the gown and the space required to store it.

Many of our brides postponed weddings this summer until winter 2020, or waiting until 2021. Whatever your plans, have a browse of our current selections – and keep an eye on the newsletter for new dresses coming in all the time!

Wedding Dresses

White Dresses

Currently popular is the blush MARCHESA strapless gown https://hire.girlmeetsdress.com/collections/dress-hire/products/blush-strapless-tulle-gown

And if you want a wedding dress that is not the white traditional large gown, this Marchesa is a straighter beautifully embroidered dress with chiffon sleeeves https://hire.girlmeetsdress.com/collections/dress-hire/products/metallic-embroidered-tulle-gown

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