Your favourite brands will probably sell services, not stuff – here’s what that means and why it matters.
, Selfridges reported renting 2,163 items and facilitating 28,493 repairs.
“I thought we must be able to carry on this love affair that we have with fashion in other ways,” says Jade McSorley, co-founder of rental platform Loanhood, which specialises in promoting emerging and independent designers, as well as allowing users to rent out their own wardrobes. “As a business, our main goal is to keep clothes in circulation.”
Unsurprisingly, it was pioneering small businesses and start-ups like Loanhood that led the way in the fashion service revolution, but even fast fashion brands are hopping on the bandwagon, having witnessed just how quickly fashion consumers have embraced new business models. The likes of H&M, Zara and Uniqlo have all launched repair services, with the latter launching a complementary online repair advice platform too. The Restory, however, was way ahead of the curve.
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