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The shared economy is still a trend exiting out of 2020 and entering into 2021. Think – AirBNB, Uber, and many other platforms where users “share” their property for financial gain and income.
Fashion fared no different in this industry with the boom of consumers and influencers renting out their wardrobes as a secondary source of income and for some, a lucrative side hustle. For Dallas-based Rent My Wardrobe – a peer-to-peer app allowing users to rent wardrobe items from each other – the dive into this space of the share economy has finally paid off.
On November 17, 2020, New York-based Wardrobe, the leading peer-to-peer rental platform for luxury and vintage fashion, announced its acquisition of Rent My Wardrobe, and its launch in Dallas for those looking to tap into the shared platform and ultimately “rent out” or “rent from” existing users wardrobes. Most recently valued at $4M, Rent My Wardrobe will be fully merged with Wardrobe’s existing operations, while expanding Wardrobe’s geographic reach and user base.
Currently, Wardrobe backers include founders of Airbnb, Coinbase, Opendoor and Vine, and early investors of Farfetch, Rebag, Uber and SpaceX.
A Perfect Fit
Wardrobe launched nationwide shipping in August of this year and has seen a spike in growth ever since. Since August, Wardrobe has shipped rental orders to 40+ states, with a concentration of demand in the South. With this acquisition, Wardrobe brings onboard tens of thousands of additional peer-to-peer fashion loyalists in states with already proven demand.
Founded by Rachel Sipperley (pictured), Rent My Wardrobe got its start in Dallas, with users sharing their closets on its app and letting them coordinate directly to pick-up and return borrowed garments. Wardrobe simplifies the process and makes closet sharing a seamless experience. It insures all items, checks for quality, and partners with local dry-cleaners to create a logistics network that guarantees that all items are freshly dry-cleaned. Together, Wardrobe’s operational efficiencies ensure that its peer-to-peer platform is ready for scaling and hypergrowth.
“Closet-sharing is a movement that’s larger than any one of us or any one city – – women have always borrowed clothes and bags from each other,” said Adarsh Alphons, Founder and CEO of Wardrobe. “We put the fashion authority into the hands of our users and offer them a platform for exchange that eliminates all the issues with borrowing clothes – convenience, cleanliness and value. We are confident that Wardrobe will create a dynamic network of renters looking to explore rare, vintage and designer pieces.”
With nationwide shipping now available and the overwhelming effects of COVID19, platforms such as Wardrobe and the rental wardrobe industry are now much more affordable and viable options for those looking to refresh their styles. With a new stake in Dallas, the rental fashion giant hopes that it’ll become a go-to source for those in search of fashionable finds from 2020 and beyond.
For more info on Wardrobe and how to rent your wardrobe or dive into someone else’s, visit wearwardrobe.co.