The shared economy is a good candidate for growth as technology continues to enable new innovations; according to Forbes, it is expected to grow from a US$15 billion business in 2014 to a US$335 billion industry in 2025. The largest names in the sector include accommodation services like Airbnb, ride-hailing services like Uber, and co-working spaces like we Work, which are all defined as “an economic system where assets or services are shared amongst peers or enterprises for free or for a price.”
The benefits of fashion sharing
In addition to being criticized for being elite-exclusive, high-end clothing is also sometimes thrown away after only a few uses since it goes out of style swiftly. Evelyn Cahill, founder and CEO of Style Carousel, says, “Our service removes the conflict between looking nice and being sustainable by giving women access to their favourite designer brands. She continues by saying that Hong Kong offers the ideal environment for fostering a fashion sharing start-up due to its advantageous geographic location and large population of fashion-conscious consumers.
Read also: In Asia, fashion jewellery is becoming more popular
assisting consumers as well as designers
Such a company model makes sense on both an economic and logical level. Consider purchasing a stunning lattice gown especially for a formal cocktail reception. However, because wearing the same garment is frowned upon in society, you are worried that wearing it to another event may cause your peers to raise an eyebrow. Renting a stylish dress makes far more sense than purchasing one for a certain event!
Fashion manufacturers work with Style Carousel to list their products on the website. Real-time communication with designers, brand owners, bridal salons, and international multi-brand retailers can help ensure product authenticity and better quality control. This offers us an advantage in Asian markets and is a significant driver of business for our platform, according to Ms. Cahill. “Brand partners can exploit their underutilized inventory while earning an additional revenue stream… and tap into new purchasers and foster brand loyalty with this market.”
overcoming the coronavirus and assisting the neighbourhood
In an effort to connect and boost their clients, Style Carousel is releasing feel-good content as the majority of people try to ride out the illness by staying at home. Even though social gatherings are now on hold, attending a virtual cocktail party with your pals while wearing a sexy sequin dress is a great opportunity to network and flaunt your sense of style. Style Carousel aims to help brand partners and small businesses affected by the coronavirus pandemic by supporting them through prizes and promotions provided on their social media accounts.
Fashion sharing offers a fresh solution for both sides to potentially weather the epidemic, despite the fact that most customers feel imprisoned and fashion businesses are concerned.
