H&M is headed towards the footsteps of its competitors as it began to venture into the clothing rental business.
Apparently, the fashion industry has been facing environmental concerns because of its huge contribution to waste and pollution.
This move from the Swedish fashion company is spearheaded by pioneering brands like Urban Outfitters and Banana Republic.
According to Bloomberg, this clothing rental service is a market that has reached $1 billion in the year 2018.
As of now, H&M’s clothing rental service is only available so far at its flagship store in Stockholm. In the meantime, the offer is only limited to 50 garments offered to the members of its loyalty program.
“We have a huge belief in rental, but we still want to test and learn quite a lot and do tweaks and changes,” H&M Head of Business Development Daniel Claesson said in a presentation at the flagship.
Apparently, the company will be on a trial period for the service within 3 months before they decide to expand further.
Reportedly, the flagship store will also provide repair services, a beauty bar and a coffee shop.
The clothing industry has faced mounting criticisms after a United Nations report indicated that it was responsible for as much as 10 percent of global greenhouse gas emissions and consumes more energy than aviation and shipping combined.
In fact, the fashion industry is the second most polluting industry in the world.