A new menswear rental marketplace, Garmentry, is due to launch in the UK in January 2021.
Founded by CEO Callum Bramley, a British technology expert, Garmentry is an online rental marketplace for men, offering ready to wear, occasion wear and accessories.
Garmenty business model allows it to use previous seasons stock from luxury brands and retailers, which in turn receive a revenue share of each item. This model enables them to at least break even on their excess inventory and likely turn a profit.
Due to COVID-19, the problem of excess stock is even more prevalent for luxury brands and retailers this year. Heavy discounting still remains unappealing in fears of cheapening the brand name.
The company launches with two rental packages – one-off rental or unlimited subscription.
Users have to simply choose their preferred items which will be delivered to their homes the next day. Once the rental period is over, they just send the products back without having to worry about washing or dry cleaning.
Speaking to TheIndustry.fashion, CEO Callum Bramley said: “Over the last five years we have seen the success of womenswear rental brands around the world. It has shown that clothing rental, like ride or home sharing, is not a trend. It’s a change in consumer behaviour that’s here to stay. At long last we’re bringing the benefits of clothing rental to menswear.
“We’re using the excess stock from brands, and providing them with a revenue share. While this stock is typically sent to landfill, burnt or just sits in a warehouse, we want to monetise it for brands. Unfortunately, due to COVID, there is more unsold and excess inventory than ever before. We want to help brands bring it to their consumers, showing them that sustainable practices can be profitable.
“We’re launching an exclusive trial in London over the next 6 months that the public can sign up for through our website. We will then be rolling out the service to the rest of London. While the marketplace will be purely online, we will complement it with themed pop ups, each being unrecognisable from the last.”