Watch out: Fashion Rental is an Upcoming Market

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Always dreamt of wearing a Sabyasachi sari for your bestie's wedding or a Ralph Lauren jacket for an important business meet? You can now make your dreams come true without having to burn a hole in your pocket. Welcome to the world of ‘Fashion Rentals’ where exotic designer wears are available on rent at a fraction of its original cost. From clothes, shoes, sunglasses to designer gowns and accessories, all that stands between you and your dream attire is just a mouse click or a Smartphone tap away. 

Millennials’ paradigm shift from ‘ownership’ to ‘no ownership’

If you are a skeptic and feel fashion rentals are just a social buzz, there are strong reasons why fashion rental market is here to stay. Snap to a decade ago where buying premium dresses was limited to the ultra rich or celebrities. 

Today in the digital world of Instagram and Snapchat, the millennials like to have holistic experiences each day. This includes dressing smart for each occasion, looking good to bring out their inner fashionista's and be trendy and in-line with their personality.


InstagramFashion
Breaking away from the traditional taboo of non-ownership being looked down upon has been one big paradigm shift of the generation X. Today from housing to automobiles to fashion accessories and apparels, non-ownership is not only acceptable but is considered practical and useful. 

Fashion rental industry and number crunching

So while fashion rentals may seem like good news for the consumers, does it actually offer business sense? In fact high end fashion rental is already one of the biggest rental markets globally projected to account for a revenue of USD $1.9 billion by 2023. India is not far behind as reports estimate the Indian fashion rental industry to grow at a compound annual growth rate (CAGR) of 11.4% by 2023. 

Fashion rental

Fashion rental industry facilitating startup growth

Indian fashion market is buzzing with startups focusing on fashion rentals. Multiple startups have already taken a head start offering various services including custom sizing, large couture collection and doorstep delivery and takeaways. 
My two cents: 
Luxury in clothing and fashion is no more of the elite. It is now accessible without any need for huge investments.

The business side to it: 
It’s a huge market in the U.S., and India is going to be big too. Do you want to jump in and be one among the path-breakers in India?

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