- Kristopher Fraser |
It looks like Rent The Runway isn't the only company making renting clothes popular. Australian-based GlamCorner has announced they've raised 3.3 million dollars.
The investment was led by AirTree ventures, bringing their total amount of capital invested in the business to 5.5 million Australian dollars.
Husband-and-wife team Dean and Audrey Jones founded the company in 2012, and intend to keep the company Australian focused for now.
GlamCorner stocks over 3000 dresses from 150 labels, with price points between 90 Australian dollars and 130 Australian dollars. Delivery options include three-hour delivery for Sydney residents and next-day delivery for the rest of Australia.
The company saw a 500 percent increase in business over the past year.
This new capital will be used to significantly increase their inventory.
Fashion rental services are becoming increasingly popular. It was recently reported by inc.com that Rent the Runway saw 100 million dollars in revenue last year, as more shoppers turn to these services to procure designer garments they normally couldn't afford otherwise. While sharing sites like these are considered disruptors of the retail economy, they are more like a new market. Customers who would traditionally be shopping at a fast-fashion or middle-range price point now have the option of temporarily owning high fashion goods.