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[ChinaBang Hong Kong] LuxTNT.com Challenges Fast-fashion with Fashion item Rentals
With so much fast fashion brand clothes being produced every day, they can’t guarantee an item’s longevity. “Fast fashion brand clothes are relatively affordable but do not offer the best quality,” LuxTNT.com CEO Bobo Rok said. “It’s the customer’s decision whether to buy lower price clothes and simply throw away or to purchase high quality items and wear it for longer duration. We give the option to rent, so that the customers can wear the item for a certain period then turn it back.”
LuxTNT.com is an online luxury fashion rental platform developed to help Asia’s fashionistas enjoy high-end luxury fashion items, including many limited edition items directly sourced from Europe and the U.S. Customers can rent all of these items at up to 90% off the retail price, with door-to-door delivery and return service included. All of the company’s items are guaranteed to be authentic.
As the seasons change, and for those who live in particular climates like humid Hong Kong, users can store off-season clothes or low utility garments. With the company’s comprehensive big data system, the stored clothes are analyzed. Fashion preference data is then fed to the front-end to suggest items that match the user’s taste. “The app works like Taobao for own clothes. It can deliver, dry clean, store or call back items home.”
Rok said Hong Kong customers spend HK$1,000 per month on average, generating about HK$1 million in turnover. The subscription-based website lends selected items to users for the duration they desire, then lets them change them to something new to give the busy fashionistas a constant array of new looks.
LuxTNT.com raised a US$2M seed round from a private investor from Shanghai in last April, and is looking to secure a second round of funding.
While New York-based Rent the runway also offers a fashion renting service, LuxTNT.com is looking to further its existence in the Asian market with wider functions. The Hong Kong-headquartered company is currently expanding to mainland China, having opened a Shanghai office last April and a Beijing office last November, with a total of 40 employees. Since Rok has working experience in Indonesia, the company is looking to expand to Southeast Asia in the near future.
Image Credit: LuxTNT.com
Editing by Mike Cormack (@bucketoftongues)