A chic outfit or a luxury handbag by a world-famous designer. Is that what you are looking for to make a high fashion statement for your Diwali dinner or card party this festive season without the hefty price tag on it? The answer is rent it out at a fraction of the actual price.
Fashion or wardrobe rental is a revolutionary service that gives you the access to fashion for a period of time without spending a fortune. Though not new in India, the rental trend is gaining momentum thanks to the ever-evolving dynamics of fashion buyers. Leading fashion retailers and luxury brands are offering excellent rental service and experience to their users.
Shift in consumer mind-set
Fashion rental is taking India’s fashion scene by storm and how. “The consumer mindset has drastically changed, and much of that can be attributed to the post-pandemic era. Our generation of users are smart and appreciate savvy solutions to their needs. They have grown conscious of opting for sustainably made products. The rise of social media and access to content creators have fast-tracked the pace of user expectations,” says Khyati Gupta, Founder, ReRack, a Mumbai-based fashion rental platform that lend high-end pret designer wear from homegrown labels. “Beyond money savings as a big motivation, consumers rent to discover new homegrown brands, experiment with their style and to adopt a sustainable approach to fashion. Vocal for Local, Wokeism Culture, Bang for Buck mindset, Experiences over Ownership, Influencer Next Door are some trends driving this shift,” she adds.
Consumers value sustainable solutions that are fun and saves them money. Shabtha Anand, a data analyst with Deloitte who had rented garments for an occasion shares her experience. “I am on the lookout for unique designer finds and a strong supporter of sustainable fashion. I loved the garments at ReRack and styled them in a unique way. I was renting for the first time, but was comfortable as Khyati eased me into the rentals,” she says.
Rent, swap and return
Not just clothes, there are platforms that lend fashion accessories. Sanktum is India’s first and only subscription-based and easy-to-use platform that redefines the way fashion-forward women experience luxury fashion. “Our subscribers, aged between 25-40 years, have the freedom to experiment with over 100 styles of high-end bags by world-renowned designers, without the commitment of a purchase. We make the experience more about enjoying a beautifully crafted design rather than status,” says advocate Anushi Patel co-founders, Sanktum. Their international luxury labels include Hermes, Louis Vuitton, Bottega Veneta, Chanel, Dior and Prada. They have cast a wider net to include India’s leading local designers and global cult brands like Telfar, Sabyasachi, Loewe and Coperni.
There are multiple factors that add to the popularity of fashion rentals, says. Renting a luxury item is more affordable than purchasing it outright, allowing consumers to enjoy high-end couture collections without the hefty price tag. “The ability to choose from a range of styles is empowering and appeals to the consumers’ desire for frequent style changes. With the rise of e-commerce, the convenience of having a luxury handbag delivered and picked up from your location makes renting an attractive option,” Rangoli Kute, co-founder of Sanktum says.
Esha M. (name changed) has subscribed to Sanktum. “I loved the quality and experience of enjoying high-end fashion without the heavy price or environmental guilt. The best part is, I dream of a bag in the morning and it is delivered to me in the evening.”
Luxury with mindfulness
Rental platforms are born out of love for sustainability to create awareness for conscious consumption and allows consumers to reduce the environmental footprint. “It supports a circular economy where luxury items are shared and reused, leading to less waste. Iconic pieces like the Chanel Flap, Lady Dior, and select Goyard and Louis Vuitton come with high price tags. We want our members to enjoy legendary designs without the financial strain. It is a way to experience timeless luxury while being mindful of your wallet and the environment,” adds Anushi.
The eco-conscious generation seeks diversity in their wardrobe without putting a pressure on the environment. “In the 21st century, we will be tone deaf on our part to keep buying new clothes when the planet is facing a real crisis. We drive awareness about what it means to shop rental and why it is the need of the hour. The customer also must be educated on supply chains, if need be, to make this shift,” marks Khyati.
Apprehensions
While the Gen Z is more than open to the idea, older generation has its own apprehensions. Manvela Mehta thinks that she can’t wear something which has been worn by some unknown person. “Sharing your clothes with loved ones is different. You are aware of their hygiene standards. But who knows about the unknown? I wouldn’t dare. Especially after the pandemic,” reveals the 51-year-old. Radhika Angle, a 27-year-old agrees, which shows that some Gen Z also are apprehensive. “Though I love the idea and find it economical and sustainable, I don’t think I am open to it. Panademic has triggered my OCD.”
What’s the future?
With the demand for fashion rental growing organically and beautifully, it is time to discover a new way to enjoy luxury. Khyati retorts, “Before launching the platform, we invested a year building our community page (sisterhoodofrerack) on social media and were overwhelmed by the positive response and engagement it received from the users.”
Fashion rental service comes with its challenges, but the going is good which shows that it is not just a passing trend but becoming a way of life. “While growth may be gradual, it is inevitable. We expect the trend to gain steady momentum as more consumers recognise the benefits of renting over owning,” concludes Rangoli.
