Fashion Ownership In Shreds!

Let's take a closer look at what's happening in the fashion industry and how this is reinventing the way things work.

Are we about to abandon ownership?

A brief glimpse at the market and the trend is apparent! Uber, Spotify and Netflix are the forerunners in the race of renting out services at eye-watering prices, lifting the burden of "unsustainable" ownership.

In line with the great reset and the pledge to rebuild society in a more sustainable and resilient way in a Post-Covid world, one thing is for sure; companies will gradually shift towards the new "modus operandi" of rentals and subscription-based business models launching "greener" manifestos.

According to a McKinsey report, consumers and especially the Millennials and GenZ, are abandoning ownership for the sustainable alternative of rentals to reduce the environmental hazard and exert pressure on companies to come forth with transparency in resource management and production. Having suffered billions in losses but with a heartfelt determination to pull out of the crisis more dynamic and pragmatic than ever, fashion decision-makers are reshaping their business models, streamlining operations, and sharpening customer propositions under the dome of circularity.

Embracing the new imperatives, well-established brands tackle the challenge full-on, expanding the…