![]() ![]() "It's kind of something that people are very conscious and strategic about… We've actually made it cool to be much more pragmatic and conscious about how you're spending on fashion."īy Rotation Founder and CEO Eshita Kabra shares how she's made her closet more sustainable through renting clothes, shopping vintage, and viewing fashion as "more of an investment." Fast fashion was ‘affecting my own people’īy Rotation was started as a "side hustle" while Kabra worked in the investment management industry. "People are now viewing fashion more and more as an investment," Kabra noted. With inflation squeezing consumers’ wallets, access to higher-quality pieces at a fraction of the price may increase the attractiveness of clothing rentals. Meanwhile, social media platforms like TikTok have given rise to a number of lightning-fast clothing trends. Additionally, purpose-driven consumers – or those who choose products and brands based on how well they align to their values – made up the largest segment (44%) of consumers. Overall, the global market for online clothing rentals was worth an estimated $1.21 billion in 2021, and expected to grow by 8.5% by 2030, according to the firm Grand View Research.Įxperts say a number of factors are likely fueling growth in the online fashion rental space, including more environmentally-conscious consumers.Ī 2022 report published by IBM and the National Retail Federation found that half of consumers say they're willing to pay a premium for sustainability. Earlier this month, Rent the Runway reported a record-high active subscriber count for Q1 of 2023 and a 10.6% revenue increase year-over-year. The fashion rental pioneer, Rent The Runway, allows customers to rent, subscribe or buy designer apparel from its inventory and has enjoyed significant growth in the nearly 15 years since its launch. Online clothing rental market projected to grow If the item is damaged beyond repair or stolen, the renter is required to reimburse the lender for the estimated market value of the item – or replace the item.īy Rotation says it has more than 350,000 registered users in the U.K., and since launching last month in the U.S., has added over 4,000 registered American users. If an item is damaged, By Rotation says it will help facilitate a reimbursement for the cost of repair. ![]() "Things like fast fashion or fake items of designer brands – that's against the values and principles of what we're doing at By Rotation, because for us, it's very much about consuming less and also transforming fashion consumption for good," Kabra said. in May 2023, is pictured in provided screenshots. By Rotation, an app that launched in the U.S.
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