Individuals from all corners of the world are becoming more conscious of what they wear and how they look. And, that working great for businesses that rent clothes on daily basis. But, such clothing rental companies are still unexposed to a large number of potential customers for being too localized. Over the past few years, the surging business in clothing rental services has instigated their convergence to online platforms. Companies that were once identified as local dress rental stores are now spanning the globe by being online clothing rental service providers.
A recent study conducted by Future Market Insights projects that in the next decade, the global market for online clothing rental services will expand at an impressive CAGR of 9.8%. According to the study, the global online clothing rental market will be valued at nearly US$ 2 billion by the end of 2026.
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Considering such projections, companies participating in the global online clothing rental market are stepping up their efforts to capitalize from untapped consumer bases and bankable trends. Promoting how being stylish doesn’t necessarily demand a lot of money, several online clothing rental service providers are compelling the youth to rent dresses and apparels instead of buying them. Such practices are gradually increasing the emphasis of online clothing rentals, citing how renting clothes for one-day occasions will continue to be practically more affordable then buying them. Furthermore, the costs of renting dresses will always be cheaper than purchasing them
Future Market Insights’ report on the global online clothing rental market has profiled some of the key companies participating as rental service providers, which include, GlamCorner Pvt. Ltd., Etashee, Secret Worldwide, Poshmark, Rent the Runway, Elanic Services Pvt. Ltd., Envoged, Secoo Holdings Ltd. and Dress & Go. Here’s a look at how Rent the Runway and Gwynnie Bee evolved as world-renowned online clothing rental service providers.
Rent the Runway
Based in New York City, the US online clothing rental service provider is progressively expanding its overseas businesses and extending its product offerings by employing elite fashion designers. In fact, Rent the Runway is known for offering rental designer dresses and not just normal branded apparels. The company was started by Harvard Business School colleagues Jennifer Hyman and Jennifer Fleiss. From its launch in 2009, the company was operating solely through e-commerce, but has now established brick-and-mortar retail stores across the US in locations such as Chicago, Los Angeles, Washington D.C., Las Vegas and New York City.
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Gwynnie Bee is also based in New York and has been a key competitor for Rent the Runway. The business model incorporated by Gwynnie Bee is purely online, although the company offers rental clothes on subscription basis. Both the companies are known for being online clothing rental service providers for women clothing. Members of Gwynnie Bee pay a flat monthly subscription fee, enabling them to rent from a wide variety or collection of clothing. Furthermore, Gwynnie Bee is now known for being the best online clothing rental service for plus-size clothing. Brands such as Lucie Lu, Corey, BB Dakota, Taylor Dress, and Leota have endorsed the online clothing rental services offered by Gwynnie Bee. The company’s success helped it open a big flagship warehouse facility in Ohio.
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