FEATURE
Tulerie, for instance, is a peer-to-peer,
invitation-only, fashion rental company that allows
users to rent clothing, shoes, and accessories
among themselves through an application.
Tulerie is based on the concept of offering
customers access to a highly exclusive club that
shares only ultra-luxe and premium products. It
interviews prospective participants first and upon
acceptance, allows them to list products from
a predetermined designer list. This list includes
established brands such as Gucci, Prada, Louis
Vuitton, and other upcoming brands like Monse,
Tibi, and Zimmermann. Rent the Runway
and Tulerie may be operating on drastically
different business models but their success is
measured by the ever-evolving preferences of
their consumers.
India, too, has seen a rise in this trend, with
companies such as Flyrobe, Stage3, Liberent,
and Rent A Closet making waves. These
companies are focused on offering consumers a
taste of Indian luxury wear by following a similar
global model. And it appears to be working
as consumers are reacting positively. Current
market research predicts that the Indian fashion
rental market has crossed R12,000 crore, and is
expected to grow at a brisk 10.6 per cent year
on year.
THE GEN-Y AND MILLENNIAL
DEMOGRAPHICS ARE DRIVING
THIS MARKET BY PROMOTING
‘ACCESS OVER OWNERSHIP’.
choices, this trend may soon need adjustment.
The Gen-Y and millennial demographics are
driving this market by promoting ‘access
over ownership’, while also taking a stand for
sustainability in fashion. Since young consumers
today are more environmentally conscious than
previous generations, brands that allow fashion-
conscious young people a guilt-free way
of shopping are assured growth opportunity in the
future as they work towards overall sustainability
and inclusivity.
RENTING FOR A SUSTAINABLE FUTURE
The World Economic Forum reports that about
75 per cent of all apparel items is discarded and
ends up damaging the ecosystem. Nearly 100
billion fast-fashion garments are produced every
year but as customers across the world consume
more consciously and pause to deeply consider
issues such as the environmental impact of their
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