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H&M's brand COS to test clothing rentals in China with YCloset

Added 12-06-19 07:03:02am EST - “H&M , the world's second-biggest fashion group, said on Friday its brand CO...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “H&M's brand COS to test clothing rentals in China with YCloset”. Below is an excerpt from the article.

STOCKHOLM (Reuters) - H&M (HMb.ST), the world’s second-biggest fashion group, said on Friday its brand COS had teamed up with Chinese subscription rental platform YCloset to try renting out clothes in the country as environmentally conscious consumers rein in purchases.

With the three-month trial, H&M follows others in the fashion industry, such as Banana Republic of Gap Inc. (GPS.N) and Bloomingdale’s (M.N), that are lending out their clothing for a monthly rental rate as consumers become increasingly aware of the environmental impacts of fast fashion.

H&M last week launched its first-ever in-house rental service of a limited range of festive gowns, with a fee per item, alongside the opening of a revamped central Stockholm store in Sweden.

H&M has in recent years launched a number of independent brands such as COS and Arket, although its core budget H&M chain still accounts for the bulk of revenues.

It said in a statement that the higher-end COS brand’s trial with YCloset would allow it to explore customer demand, the business model, potential to scale and sustainability factors.

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