H&M is renting out!
In recent years the fashion industry has come under the scanner for its contribution to environmental pollution and is considered as the second most polluting industry. The amount of Green House Gases emitted from this industry is enormous and has devastating environmental impacts. In view of the impact of fashion on the environment, retail giant H&M announced rental service at its flagship store in Stockholm, Sweden as a test run to gauge consumer reaction before introducing the model in their stores, the world over.
H&M is the latest entrant in the rental initiative, following in the footsteps of its competitors – Banana Republic and Urban Outfitters. Rather than mass manufacturing, brands have come up with novel ideas to rent clothes. However the rental programme has a limited curated collection with exclusive dibs for their loyalty program consumers. The garments can be rented for a duration of three weeks, post which they have to be returned to the store. If the consumer fails to return them, they need to buy the garments. This way the fast production of clothes can be reduced to a great extent. The rental model will be tested for a period of three months. Whether it meets with success or not, remains to be seen.
The Swedish Company is testing the waters before making a leap into the booming billion dollar rental market to make any changes or tweaks in their business model. H&M intends to offset more than it produces by 2040 and intends to go green.
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