November 27, 2021
  • November 27, 2021

H&M, Iablaco partner for the clothing rental service

By on October 19, 2021 0

Clothing retailer H&M’s Mitte Garten location and circular fashion platform Iablaco launched a rental service on Tuesday, October 19 that capitalizes on the emerging industry of connected and digital circular fashion.

Customers can book and pay for clothes with one click on the new platform, then return the item to the Berlin store, where it’s checked, cleaned and prepared for the next tenant, according to a joint announcement. The service is powered by the Iablaco SPIN platform.

“I am very happy to exclusively try this blockchain-based rental service at our Berlin Mitte Garten store,” said Stiliana Stoyanova, PR and Events Manager for Mitte Garten, in the joint announcement. “We have a unique community and clientele. They love to explore new things and experiment with their style and look in an edgy, durable and affordable way.

With the rental service, H&M Mitte Garten customers can scan the Internet of Things (IoT) care labels of selected products with their smartphones to follow the individual product journey through the blockchain and add their own stories to the garment by uploading their look with the article.

“Each garment has unique stories,” said Eliana Kuo, founder and co-CEO of lablaco, in the joint announcement. “We can’t wait to see how the H&M Mitte Garten community will create stories in ‘SPINning’ their fashion. “

The rental service, which will be available until the end of the year, will offer a variety of collections for rent, starting with 12 pieces that can be taken home for five days to three weeks for between 5 euros (5 , $ 82) and 9 euros ($ 10.48) per day with a free SPIN account.

Related news: Rent the Runway targets $ 21 per share for IPO at $ 1.5 billion valuation

Renting clothes is becoming big business – and Wall Street is paying attention. Clothing rental firm Rent the Runway is aiming for a valuation of at least $ 1.5 billion when it goes public (IPO) next week, according to the Wall Street Journal, with shares selling between 18 and $ 21.



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