The more the merrier
Exploring the biggest challenges and opportunities for fashion’s rental revolution with the founders of Loanhood, Nuw and Onloan
In order to turn an idea into a business, there are several exercises that entrepreneurs need to undertake to assess if their idea has the chance of success. A key element is to solidify the product-market fit by conducting competitor analysis.
Imagine if you found there’s currently little competition for your amazing business idea. Then seemingly overnight more and more ‘rivals’ came onto the market all deemed to be fashion’s answer to our sustainability issues.
Well, that’s precisely what happened in 2020 with fashion’s rental revolution. We pinned our hopes on rental as something that could fundamentally change fashion’s relationship with ownership. Of course, there were rental businesses who had previously launched and closed due to the fact that consumers weren’t quite ready to rent a few years ago. 2020 was the year that rental was beginning to take hold not only in our existing communities but in traditional retailers such as Selfridges with the Hurr pop-up and Liberty with My Wardrobe.
Sadly, last year our hope of seeing fashion rental become mainstream was crushed by the pandemic. After all, we need somewhere to wear our new rented outfits, but what has not changed is the potential of rental. Post-pandemic, we will have lots of places to go and people to see, and we will want to reflect how we now feel as we emerge into the world. This is where rental has a real opportunity to flourish. It can offer new without being costly and give us fun, short-term wardrobe options without leaving us feeling guilty about contributing to social or environmental issues.
Something that we feel is necessary to further action towards a more sustainable fashion industry is to collectively and openly discuss ideas, challenges and solutions. We feel a key part of our role at Black Neon Digital is to create a space that cultivates ideas, relationships and movements.
It’s quite rare that founders of direct rival businesses embrace being so open with one another, yet is the very thing we need to see more of within fashion. On a purely practical level, if you know what your competitors are doing you can make sure your business offers something different.
For our latest podcast, we invited the founders of three incredible rental businesses to come together and discuss where the rental market is heading and also what their business’s role is within the change. After all fashion rental is all about sharing, so let’s share our struggles and hopes too.
Join our founder Jodi Muter-Hamilton, Jade McSorely Co-founder Loanhood, Aisling Byrne Founder Nuw and Tamsin Chislett Co-founder Onloan to explore the biggest challenges and opportunities for fashion’s rental revolution.
Podcast
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Onloan Fashion Rental
“It’s obvious to everyone who works in fashion is that the biggest problem is overproduction and overconsumption. No amount of sustainably produced lines are going to change the fact that we just produce and consume too much stuff. ”
“Although we build these tech platforms they are just facilitating a movement of communities and a real connection of all the different people with these resources already essentially in their wardrobes…We see ourselves like a social network. They just don’t operate without the community. ”
Loanhood Co-founders, Jen Charon, Lucy Hall and Jade McSorley
“We want to do is make it the go-to way to shop. It just something that comes as your second nature...I feel like actually rental could become the norm.”
How the platforms compare
Nuw
Founder Aisling Byrne
Their approach feels fun, friendly, positive and inclusive
Peer-to-peer swapping amongst members all for £7.99 per month
Targeting Gen Z users to offer an alternative to fast fashion
Offer tokens in exchange for clothes uploaded to their platform
App available in the App Store or Google Play
Loanhood
Three Co-founders: Jade McSorley, Jen Charon and Lucy Hall
Their approach feels cool, edgy with a touch of fashion activism
Peer-to-peer rental
Holds clothes swap events in London
Builds relationships with other businesses such as The Seam
App coming soon you can join the waitlist online
We love this from Onloan Instagram
ME: I want to live in a clean, minimalist space with no clutter and everything organised in its correct place.
ALSO ME: I want infinite outfit potential. I want to adopt different fashion personalities depending on my MOOD.
Onloan: Oh hey!
Photo: @sjuloves
Onloan
Two Co-founders: Tamsin Chislett and Natalie Hasseck
Their approach feels high-end, fashion-forward and slick
Places wholesale orders, or acquires past season stock with brands
Operates a rental subscription model with two options at £69 or £99 per month
Has a 30year old plus audience
Features fashions most wanted brands including; Stine Goya, Ciao Lucia, Shrimps, Maggie Marilyn
Has another part of the business Preloved that sells garments from Onloan’s rental clothing collection
Has a great journal called Moodzine
Header image credit; Stine Goya SS21, Tine Bek. Please note Stine Goya is a brand which is available to rent through Onloan
28.02.2021
