We live in a world that is predominately dictated by other’s expectations of our lives. Don’t believe us? We spend hours on social media scrolling through the accounts of people with lifestyles we envy, hoping that new purchase we just made will bring us closer to feeling more self-actualized. But, that rarely happens. Millennials are the biggest victims of getting heavily influenced by what they see online. They are also a part of the consumer segment that does not have the disposable income that’s needed to be able to live out these aesthetically pleasing, well-shot fantasies. This is where the renting economy and, consequently, Myntra X Flyrobe collaboration comes into play.
What is the Myntra X Flyrobe collaboration?
Flyrobe is a start-up that was launched in 2015 and offers designer and non-designer apparel on rent. These garments, while generally pricey at traditional brick-and-mortar stores, are rented out at 10-15% of the price, making them easily accessible to everyone who wants to keep up with the latest insta-trends. A quick search on Flyrobe’s website shows that most clothes offered on this website are appropriate for wedding functions and traditional celebrations.
Myntra, on the other hand, is synonymous with fashion that’s bought online. It is one of the biggest e-tailers in India within the apparel segment, with an annual run rate of close to 2 Billion USD. It was acquired in 2014 by Flipkart for 280 million USD and is now a part of Walmart. This brand is one that has certainly been able to identify its target audience correctly and, more importantly, has been able to establish a prolonged connection with the same. Thus, can one really be surprised at this mammoth apparel site entering the rental economy space?
Myntra now offers high-end garments on rent, and this service is called Myntra x Flyrobe, presumably because they plan to leverage Flyrobe’s existing network of vendors, rentals, and enterprise systems. Currently, this service is only available in Bengaluru, Delhi, Mumbai, and Hyderabad, though they do plan to expand after a detailed evaluation of their new business models in these cities.
The shared economy in India
Currently, the shared economy in India is flourishing. With a vast range of products available on rent like cars, clothes, furniture, and more, Millennials can’t seem to get enough of this system that allows them to have their cake and eat it too. PWC estimates that the sharing economy is one that isn’t just growing in India and it might end up generating revenue of 335 Billion USD by 2025. In India, the market for furniture within this economy stands at 850 million USD, with electronic appliances and bikes standing at 500 million and 300 million USD respectively. Collectively, this means that the sharing economy in India is worth over 1.3 Billion USD at the moment.
The mindset is slowly shifting from rentals being taboo to rentals being the new cool. With the wedding season coming up, Myntra X Flyrobe will certainly springboard its new collaboration off to a great start!
Source – Entrackr