Clothing retailer H&M’s Mitte Garten location and circular fashion platform Iablaco on Tuesday (Oct. 19) debuted a rental service that capitalizes on the emerging connected and digitized circular fashion industry.
Customers can book and pay for garments with a single click on the new platform, then return the item to the Berlin store, where it’s checked, cleaned and prepared for the next renter, according to a joint announcement. The service is powered by Iablaco’s SPIN platform.
“I am very excited to exclusively try out this blockchain-based rental service in our Berlin Mitte Garten Store,” Stiliana Stoyanova, PR and event manager for Mitte Garten, said in the joint announcement. “We have a unique community and customer base. They love to explore new things, and to experiment with their style and looks in a fashion-forward, sustainable and affordable way.”
With the rental service, H&M Mitte Garten customers can scan Internet of Things (IoT) care labels of selected products with their smartphones to track the individual product’s journey via blockchain and add their own stories to the garment by uploading their looks with the item.
“Each garment has unique stories,” said Eliana Kuo, founder and co-CEO of lablaco, in the joint announcement. “We can’t wait to see how the H&M Mitte Garten community will create stories by ‘SPINning’ their fashion.”
The rental service, which will be available through the end of the year, will feature a variety of collections for rent, starting with 12 pieces that can be taken home for five days to three weeks for between 5 euros ($5.82) and 9 euros ($10.48) a day with a free SPIN account.
Related news: Rent the Runway Aims at $21 a Share for IPO on $1.5B Valuation
Clothing rental is becoming big business — and Wall Street is paying attention. Clothing rental business Rent the Runway is aiming for at least a $1.5 billion valuation in its initial public offering (IPO) next week, according to The Wall Street Journal, with shares selling at between $18 and $21.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More