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At the end of September, the US fast fashion brand Forever 21 officially declared bankruptcy protection, or will close 350 stores worldwide. Previously, Forever 21 has announced its withdrawal from the Chinese market, which is the epitome of the current fast fashion brand.

Consider the fast, high-quality, low-cost fashion, the advantages in the new speed and price have been left behind by e-commerce brands, except Forever21, H&M, Zara and GAP are facing many fast fashion giants. The slowdown in growth has slowed down the pace of store expansion.

Transformation has become the most pressing issue for fast fashion brands. Recently H&M announced the launch of clothing rental service at the Sergels Torg flagship store in Stockholm, Sweden. H&M is not the only fast fashion brand to launch similar services this year. Is it a lifeline for these fast fashion brands?

Rent a piece of clothing for 250 yuan. Will you rent clothes at H&M?

According to AFP report, H&M launched this time The clothing rental service is for members. H&M members can rent up to 3 pieces of clothing at a time. The rental period is one week, and the rental price of each item is about 350 SEK (about 255 RMB). Consumers can try on the store, or book online in advance, and the store designer will also provide advice on wearing.

Of course, renting clothes is not more expensive than buying. The clothing that participates in the rental service is mainly H&M’s high-end series, including Conscious Exclusive sustainable series, and some of the latest 2019 autumn series products. H&M official website shows this series. Clothing prices range from a few hundred dollars to thousands of dollars.

The Sergels Torg flagship store for the pilot clothing rental service has recently been refurbished with the addition of beauty counters and cafes, which will reopen at the end of November, but the biggest change may be for users who come here to shop, may only rent or not buy It is.

H&M calls the apparel leasing business an “important step toward a sustainable, cyclical, stylish future,” and H&M Global Sustainability Manager Pascal Brun is looking forward to this business:

We have been observing the clothing rental industry for a long time and we look forward to it. We are always working to change the way fashion is produced and consumed.

Although the shared rental platform has been tepid in the country, this year, more and more fast fashion brands have begun to test the water clothing rental business.

Another fast fashion giant, GAP’s brand, Banana Republic, also launched a line in September Subscription service Style Passport, which mainly provides clothing rental services for women.

Style Passport has a monthly subscription fee of $85 (approximately 600 RMB), can rent 3 pieces of clothing at a time, and enjoy free shipping, exchange and laundry services, which are priced at around $100.

Although the business model of Banana Republic’s clothing leasing business is similar to the online rental platform like Rent the Runway, it is different that fast fashion brands will not take this as their main business, and profit is not a rental business. The primary goal.

▲ Image from: MONSTERS Unlimited