Sharing is Caring - Now Also in Fashion
Content-sharing, ride-sharing, food-sharing, home-sharing... our modern-day society has built up an incredible economy based on shared products and services in recent years. More and more, this trend is also spilling over into the fashion industry.
Designer clothing rental services like Rent the Runway or Bag Borrow or Steal have been around for a while, but the latest fast-growing business model in the fashion rental segment is featuring everyday clothing for everyday women. Besides Rent the Runway recently announcing that they will soon also add rental options for everyday clothing (not just high-end designer items), the newest clothing rental service that is taking over the industry by storm is called Gwynnie Bee and offers a vast selection of women's clothing for various occasions, sizes 10-32.
At first glance, it may seem like Gwynnie Bee's CEO Christine Hunsicker is taking a risk by not serving to women of any size smaller than 10, but in fact, exactly the opposite is the case. Various statistics have proven that the market that caters to what are conventionally known as "plus-size" women, is not only the biggest (67% of women in the US), but also the most underserved. Besides a rigorous quality control process, great customer service, and fair pricing ($79/month for 3 items at a time), that is probably one of the main reasons for the startup's success. Another one, according to Christine Hunsicker herself, is the understanding that today's consumers are making smarter purchasing decisions and are more willing to invest in experiences, rather than product ownership.