Beyond the obvious potential benefit of attracting new loyalists, rental confirms a principle of luxury fashion—that its designs are timeless because they do not follow trends and their brands appeal to a universal internal consumer aesthetic and desire. So, luxury should be comfortable in rental and consignment space, according to William D'Arienzo, founder-CEO, WDA Brand Strategies.
The rental / consignment market has been driven by Millennial and now Zillennial cohorts and a shift in consumption values. "Research confirms that for Millennials and Zillennialls, loyalty to environmentally and socially responsible brands are a significant factor in driving purchasing behaviour and consumer loyalty," writes D'Arienzo, in an article in the hard bound fifth edition of the Sustainability Compendium - ‘Going Circular’ brought out by Fibre2Fashion.
In his article 'The luxury of renting', D'Arienzo mentions that Kering, LVMH and other luxury brands and houses have ongoing sustainability and circular economy initiatives, and luxury rental sites abound such as Rent The Runway and LUXE, a Paris-based luxury rental web platform that boasts over 1,000,000 customers and states that "luxury brands also have an opportunity to integrate classic luxury retail practices into the new rental / consignment platforms."
Beyond the obvious potential benefit of attracting new loyalists, rental confirms a principle of luxury fashion—that its designs are timeless because they do not follow trends and their brands appeal to a universal internal consumer aesthetic and desire. So, luxury should be comfortable in rental and consignment space, according to William D'Arienzo.#
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Fibre2Fashion News Desk (RKS)
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