Generation rent just got luxurious
Trisha Gregory got her head around the borrowing economy long before most of us. As Ferragamo’s head of communications, she was constantly lending beautiful dresses to celebrities, and it seemed only fair to offer a similar service to all women. So, in 2015, she launched Armarium, a clothes-rental service with an elevated difference. For around 10per cent of its retail price, customers can borrow a dress for four days. It will be luxuriously packaged up and – here’s a genius feature – sent to them wherever they are.
“If she’s going to a big party in Mykonos and wants to pack light, we can send it there, and collect from there when she’s done,” says Gregory.
These are top-of-the-range pieces, sometimes one-off samples that were never put into production because, as Gregory points out, “retailers, particularly department stores in the US, are just so safe”.
Today’s customer wants a degree of exclusivity. Her social media accounts demand it.
Increasingly, even wellheeled customers are happy to rent rather than buy. “There’s more caution about spending thousands on a dress they feel they can only get one, maybe two, outings out of. They’d rather direct their budget towards something they can wear over and over.”
There are now around 70 brands happy to sell dresses to Armarium. Sometimes they’re overstock or cancelled orders – an increasing occurrence as department stores, faced with declining footfall, insist on sale-or-return deals – but they’re generally this season, unless they’re vintage.
“Brands see it as a way to extend the life of their special designs, and to disseminate their message to more women,” says Gregory. “Some of our clients are aspirational 20-somethings. They can’t afford huge prices, but they’re happy to spend £300 on something amazing for a short time. Others may want to rent a trend before they commit. Or they want a big statement and realise that the costeffective way to do that is not to blow your budget on one look.”
Until now, Armarium has only been online, with a styling service that directs customers elsewhere for matching accessories. Dresses are pristine, and laid to rest – or sold – after around 20 loans (fewer for lace, which is fragile). But now it has launched in Browns on London’s South Molton Street.
“We don’t necessarily feel the need to own stuff the way we once did,” says Gregory. “Ownership means different things. For many, being seen in an outfit on Instagram is enough. They’re then happy to send it back. In any case, we’re not stopping consumption completely – they still need to buy shoes.”