Open-Innovators hosted a webinar on Rental Fashion to look at the technology and trends impacting the fashion rental market. This was in line with their objective to promote and encourage circular economy while lowering socio-economic or environmental harm. Less than 1% of discarded garments are recycled into new clothes. How can we change this?
A set of top Circular Fashion entrepreneurs and experts were brought together for an engaging debate on the topic.
The event was moderated by Chris Kershaw, MD, Visma Digital Commerce who is a passionate circular economy advocate and eCommerce enthusiast.
At the onset, Alexander van Riesen, digitalisation expert who has earlier experience with building a Rental Software Platform set the stage by making an analysis of the access economy. He showcased innovations which have led to new models of access, explaining market segmentation, size and growing consumer behaviour toward rentals.
This was followed by Fredrik Timour, Head of Fashion Innovation at Swedish Fashion Council, highlighting the crisis following COVID-19 within the Fashion Industry and the dire need for a transformation in how fashion is accessed today.
As fashion is more digitalised, content will drive engagements. Fredrik made an interesting point of citing Fortnite (the online game) emerging as the biggest fashion platform through it freemium promotion of digital fashion. A new Fashion Innovation Centre is being set up Sweden will help the industry with such transformation.
The next speaker, Caroline Von Post, a biologist and the founder of Stormie Poodle, the textile up-cycling pioneers, narrated the interesting journey of fabric from birth to decay and how reuse wins over recycling, as well the importance of material being biodegradable. Caroline also highlighted the challenges she faced while trying to rent her up-cycled products as a small business. She cited the need for a managed service to facilitate her rentals.
A Case Presentation was made by Jens Lee, a digital transformation expert and co-founder of OMTANK, the subscription based rental fashion. Jens highlighted the growth potential within the rental market (2.5Bn USD by 2023) and the resale market being predicted to overtake fast fashion within 10 years.
OMTANK helps brands transform into circular model while unlocking various economic opportunities. Jens invited brands to connect with OMTANK to start their circular journey.
A recorded version of the Rental Fashion webinar is available for viewing on demand by registering on this link
https://open-innovators.org/webinar-rental-fashion/
Denisa Pozníčková
Valhallavägen 79
114 28 Stockholm
denisa@open-innovators.org
Website : https://open-innovators.org/
Open Innovators is a collaboration platform to address, strategise and act to make e-Commerce more climate friendly. We bring together the various stakeholders in the e-Commerce/Online services industry on important topics like promoting sustainability through lowering production. circularity, waste reduction and influencing consumer behaviour. We do this through seminars, workshops and sharing regular information on the new initiatives and policies.