The Swedish retailer follows competitors Banana
Republic and Urban Outfitters, which tapped into the billion-dollar
rental market earlier this year.
H&M store | Source: Shutterstock
STOCKHOLM, Sweden — Hennes
& Mauritz AB is testing out a clothing rental service as the
fashion industry faces mounting criticism for waste and pollution
.
As
of Friday, consumers can rent garments for 350 kronor ($37) a week in a
refurbished flagship store on the Sergels Torg square in central
Stockholm.
The Swedish retailer follows 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. Websites
such as Vinted and Hurr Collective are expanding in Europe, offering
consumers a way to sell or rent used clothes.
H&M’s rental
model is limited to a collection of 50 garments offered to members of
the company’s loyalty programme. H&M will assess the trial in three
months before expanding any further. The shop, which is testing new
concepts, will also feature clothing repair services, a coffee shop and 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.
Credit Suisse analyst Simon Irwin said he has doubts about the plan.
“I’d
be surprised if you can really make it work as a business model,” he
said. “I can’t see that the kind of labour cost involved in a rental
model at those price points really makes sense.”
The clothing
industry has come under increasing scrutiny as it is responsible for as
much as 10 percent of global greenhouse gas emissions and consumes more
energy than aviation and shipping combined, according to the United
Nations. By 2040, H&M intends to reach the point that its greenhouse
gas emissions go negative, meaning that it would offset more than it
produces.
H&M shares fell as much as 0.4 percent Friday morning.
إرسال تعليق
ملحوظة: يمكن لأعضاء المدونة فقط إرسال تعليق.