Online Clothing Rental Market Increasing Demand and Current Trends 2019: GlamCorner Pty Ltd., Rent the Runway, Inc., Lending Luxury, Flyrobe, Gwynnie Bee Inc., Bag Borrow or Steal Inc., The Secret Wardrobe Limited, Le Tote, Union Station, Inc., and Her Wa

Online clothing rental is a service by which someone can rent clothing for a specific period of time. It provides wide range of dresses, easy payment, and delivery of clothes in time. The company offers wedding dresses, formal dresses, elegant dresses, evening dresses, prom dresses, and cocktail dresses for events.

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Major players operating in the global online clothing rental market include GlamCorner Pty Ltd., Rent the Runway, Inc., Lending Luxury, Flyrobe, Gwynnie Bee Inc., Bag Borrow or Steal Inc., The Secret Wardrobe Limited, Le Tote, Union Station, Inc., and Her Wardrobe.

Market Dynamics

Increasing consumer preference towards rental designer dresses owing to benefits offered by it is a major factor driving growth of the global online clothing rental market. Designer dresses are used for one time thus, renting clothes is useful as there is no repetition of dresses in events such as weddings, cocktail parties, office parties, and others. Different choices and varieties are available on online portals for the occasion and functions such as wedding, theme parties, and school plays. Traditional as well as modern dresses are available on rent such as bridesmaid dresses, formal gowns, kaftans, and cocktail dresses.

However, lack or low customization option and low societal acceptance of the idea of renting clothes is a restraining factor for the growth of online clothing rental market.

On the basis of region, Latin America accounted for the significant market share in the global online clothing rental market in 2017. This is due to several new start-ups beginning their online clothing rentals, which is expected to aid in growth of the market in the region. For instance, in 2012, Mr. Barbara Almeida and Ms. Mariana Penazzo started Dress and go, an e-commerce rental clothing company, in Brazil. In 2015, Kaszek Ventures invested in Dress and Go to offer luxury apparel rental cloths in Latin America.

North America accounted for significant market share in the global online clothing rental market in 2017. Traditions such as celebration of Halloween, and parties and events that require a specific outfit for one time usage are some of the key factors driving demand for online clothing rental in the region. Companies operating in this industry are engaged in extensive marketing and promotional activities to gain competitive edge in the market. For instance, in October 2017, Rent the Runway announced a low price membership called RTR Update, where the buyers get to rent four pieces of clothing from the company for a month. At the end of every month, subscribers can select four new items after returning their older clothes. The subscription costs around US$ 89 for a month and includes services such as shipping, dry cleaning, and insurance.

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Detailed Segmentation:

Global Online Clothing Rental Market, By Clothing Style:
Parties and Wedding Wear
Formal Wear
Others
Global Online Clothing Rental Market, By End user
Women
Men
Kids

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