H&M’s Cos China to launch clothing rentals with YCloset
H&M Group’s higher-end clothing brand Cos is to trial renting out its clothes in China through rental platform YCloset.
Swedish retail company H&M Group said it has partnered with YCloset to run a three-month trial to explore the circular business model.
“The rental subscription has an additional sustainable aspect to it, as customers will be able to buy the product for a reduced price when the rental period is over, giving them another chance to enjoy the garments,” said the company.
Cos MD Marie Honda said that the brand’s quality will lend itself well to the rental system. The brand is described by the group as one that merges high fashion attributes with ground-level pricing.
“Cos collections are designed and made to last; longevity has been an integral part of the Cos design ethos since the brand began 12 years ago,” she said.
H&M Group said YCloset’s 15 million registered users will enable the group to learn more about Chinese customers and their demographics.
In November, H&M launched a rental service through its Stockholm flagship store, which also offers repair services with an atelier where customers can get their fashion favorites mended or upgraded.
The clothing rental service market was estimated at US$1 billion last year.