Once a luxury enjoyed by celebrities, designer-wear today is making its way into the lives of fashion-conscious youngsters across socioeconomic backgrounds in India’s biggest cities. Designer lehengas, haute couture fashion, runway-ready outfits have become the go-to choices for weddings and other events. Of course, it’s not like thousands of Indians in cities can suddenly afford designer-wear that often carries a sticker price of no less than a lakh, especially when repeating outfits is becoming more of a sin?
Fashion rental startups are trying to resolve this pain point of millennials by bringing designer wear to their tables at affordable prices. The fashion rentals scenario in India is currently pegged to be between $3 Bn-4 Bn. Owing to changing consumption patterns and massive social media usage, the global online clothing rental market is estimated to be $1.96 Bn by 2023.
With social media playing a pivotal role in the success and failure of brands these days, fashion rental startups appeal primarily to millennials who are aware of the latest trends and the best designers. Rentals thus help consumers save money, time and the headache of storage and maintenance.
Why Are Indians Flocking To Fashion Rentals?
Thanks to the emergence of platforms like Uber, Netflix and Airbnb, Indians seem to be embracing the sharing economy across sectors with ease. New-age consumers are turning to shared services as a smart and convenient way to focus more on experiences.