Hennes & Mauritz AB (H&M) has recently revealed that the company is testing its new clothing rental service at the Stockholm store. Under the new service, customers could rent clothes from a variety of 50 collections for just $37. Incidentally, this set-up seems a bit similar to the business model of online retailer Rent the Runway and recently commenced services by Banana Republic and Urban Outfitters.

As per reliable sources, the service aims to address the criticism of negative environmental impact against the fashion industry. According to a report published by United Nations, the fashion industry held up to 10% of global carbon emissions and 20% of global wastewater, surpassing environmental impact done by all international shipping and flights.

Reportedly, the concept of fast fashion has become a subject of intense scrutiny due to various reasons such as excess production of waste and pollution, mass-producing counterfeits of other creators’ ideas and underpaying and overburdening workers.

According to Daniel Claesson, Head of Business Development, H&M, the company believes that the idea of rental clothes would be a blockbuster in the market, but it still wants to test and learn about those areas where it can make some tweaks and changes.

As per sources, the rental clothing service will be available to the H&M’s loyalty program members, and it is yet to expand the idea beyond its flagship stores. However, it comes as a promising initiative for the company’s vision to go green. H&M also intends to touch negative greenhouse gas emissions by 2040.

Prior to this news, H&M had announced that it is partnering with Latin American designer Johanna Ortiz. Apparently, Ortiz is renowned for her inventive use of exotic colors and floral prints. She would be joining the long line up of fashion brands such as Giambattista Valli and Karl Lagerfeld, that have worked with H&M.

Source Credit: https://www.refinery29.com/en-us/2019/11/8932826/hm-clothing-rental-environment-waste