China has become world’s largest market for luxury products in the wake of the economic development and the formation of middle class. However, the daunting prices of luxury handbags are still not affordable for every handbag-conscious fashionistas.
Meikka, a Chinese Rent the Runway clone focused on handbags, can ease the torture of luxury enthusiasts by allowing them to hire designer handbags such as Channel, Gucci, Louis Vuitton, Fendi, etc., for a fraction of the retail price. The platform will deliver and pick up the handbags from customers who can rent with around 0.6% of the retail price per day.
The service is ideal for glamorous one-time evening bags that people wouldn’t normally buy. Meikka also aims to transform their services to a pre-sales experience for luxury handbags for everyday wear.
The company planned to establish cooperation relationship with luxury brands and become a sales channel, because the customers may eventually buy the product if they like the rented ones.
Meikka also aims to add social shopping services by introducing social networking platforms, consultation websites, apps and forums to increase user stickiness. Moreover, the firm planned to partner up with fashion bloggers to better promote their services.
Meikka targets to become a domestic trailblazer in luxury product rental service, which is still a new business in China. Several domestic e-commerce website focused on luxury products, such as Secoo, also launched luxury product renting projects to explore this business.