TSR Fashion: H&M may be on trend when it comes to clothes but the fashion giant is definitely following the new wave of retail clothing rental service.
In an effort to be more environmentally conscious and combat the negative effects of fast fashion, H&M is launching a clothing rental service and will be testing it out over the next couple of months, according to Bloomberg.
The service will start at H&M’s flagship Stockholm store, which will rent pieces to consumers for about $37 USD per week.
Now before we start thinking we can rent just about anything in H&M’s store, the rental model is limited to a collection of 50 garments and offered to members of the company’s loyalty program.
After its trial run of three months, H&M will assess the rental service’s successn before expanding it any further.
The shop, which is testing new concepts, will also feature clothing repair services, a coffee shop and reportedly a beauty bar.
“We have a huge belief in rental, but we still want to test and learn quite a lot and do tweaks and changes,” Daniel Claesson, H&M’s head of business development, said in a presentation at the flagship.
H&M is following its competitors Banana Republic and Urban Outfitters, which both launched similar services earlier this year to tap into a market that reached $1 billion in 2018.
Roommates, would you rent clothes from H&M? Let us know!
