H&M trial fashion rental service.Swedish fashion retailer, H&M are set to experiment in the clothing rental market. The fashion giant is the latest to tap into the billion-dollar rental market.
H&M are the second latest fashion retailer in the world today who operate in over 62 counties globally. The multi-billion-euro company will test out a clothing rental service at their flagship store in Stockholm which will be available as part of their loyalty program to its members.
H&M was founded in 1947
For €30 (approx.) a week, their customers will be able to rent clothes from a collection of 50 pieces. H&M will run this new initiative as part of a 3-month trial before deciding whether or not to expand this service to other stores. Their flagship store will also be testing out a new clothing repair service.
This is in light of them replicating a similar service offered by rivals Banana Republic and Urban Outfitters, who launched a similar service earlier this year,
H&M’s own move has come about because of increasing scrutiny of the fashion industry and the negative effects it is having on the environmental.
In a recent United Nations report, it found that the fashion industry is responsible for the creation of around 10% of the world’s global greenhouse gas emissions. Fashion producers consume more energy than both international flights and shipping combined.
They operate in over 62 counties globally
Fast fashion has been heavily criticised for the role it plays in producing excess water and pollution on top of poor working conditions for some of their producers.
In a statement released by H&M they said, “We have a huge belief in rental, but we still want to test and learn quite a lot and do tweak changes,”
Although this new rental service is only available in their Swedish flagship store, they are hoping to add this to their company’s sustainability program in the future.
H&M are hoping to greatly reduce their greenhouse gas emissions used in the production of their clothing by 2040.