The end of ownership as we know it
The shift towards non-ownership models started before the pandemic driven by a growing appetite amongst younger generations to enjoy more quality and variety in their style while embracing sustainability. The market is expected to double in size by 2025. And Startups across the world like Rent The Runway, Style Carousel, Gwynnie Bee, Le Tote, and more have driven acceptability of renting and provided consumers unparalleled access to this new type of style experience.
In more and more fashion categories, savvy and stylish consumers are choosing not to own items, and instead rent clothing, dresses, and bags. Think of the way that Netflix replaced video stores. This is the fundamental evolution that is taking place today in fashion and will continue to shape the industry in the years to come.