Clothing rental companies are experiencing declines in subscribers and stock market valuations. Rent the Runway and Stitch Fix are both re-determining strategy, because despite consumer interest in online shopping and sustainable clothing, prices and competition are driving business down. In turn, both companies are trying to address issues related to style diversity, like going beyond formal wear, and size availability in order to retain customers and improve their business. However, many shoppers have shifted their spending towards experiences over apparel due to budget constraints caused by inflation. But, an executive at Rent the Runway says economic changes alone are not to blame for their customer needs, but rather inventory is their primary concern. YPulse’s Fashion Preferences and Style report data shows only 13% of 13-39-year-olds have rented clothing before, making it far less popular than options like shopping secondhand or on social media. (WSJ)
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