![]() Over the past 10 years, startups offering to rent out luxury products have emerged, aiming to replace ownership with access.Īmong the disruptors, NY-based Rent the Runway is the most well-funded, with a warchest of $176M used to develop a platform on which users can rent luxury clothes and accessories such as handbags and jewels on a monthly basis. Renting luxury goods: a new frontier for incumbents? If the recent online shops’ initiatives are deemed successful, we could see an uptick in investments in startups helping brands create better online experiences. For instance, LVMH Luxury Ventures made its first investment in streetwear and sneaker e-commerce website Stadium Goods in Feb’18.Ģ. The startup also offers AR/VR experiences, allowing users to walk around a virtual store and see the 3D versions of the products using a VR headset.Īs startups take advantage of e-commerce while putting the emphasis on craftsmanship, luxury houses are cautiously adopting similar practices. Cappasity’s solution allows its clients - including luxury group Kering and jeweler Swarovski - to create 3D images of their products for users to get 360° views. Startups like California-based Cappasity are using new technologies to make online shopping more appealing. With soaring luxury online sales comes demand for a better e-commerce experience. With few or no physical stores, they focus on the quality of their products, often by promoting the artisans making them. ![]() For these brands, craftsmanship and unique in-store experience are not mutually exclusive. Maiyet sells its clothes and accessories on its online shop as well as through high-end e-tailer Net-a-porter. ![]() Unlike old-school luxury retailers, new luxury brands such as NY-based fashion label Maiyet ($39M total funding) and Paris-based Dymant have offered online shopping from the outset. Both reflect a change in consumers’ expectations: being able to shop luxury products 24/7, anywhere in the world. This strategic shift is being driven by the rise of luxury e-tailers like FarFetch and the success of new luxury brands selling their products online. This occurred a year after the French luxury group said no to doing business with Amazon. Prada isn’t the only global luxury company to move online: LVMH launched its multi-brand online shop in Jun’17 and shortly followed with an e-commerce platform for its wines and spirits brands. ![]() The Italian luxury house is now planning to roll-out its e-commerce platform globally by the end of Jan’18. Prada has changed its mind since then, making its ready-to-wear collection available on select luxury e-tailers in 2016 and announcing the launch of its own online shop in China in Dec’17. “Considering the level of sophistication and image of our ready-to-wear, we feel the shopping experience has to remain immaculate and in-store.” Stefano Cantino, strategic marketing director at Prada, said in 2015: Until recently, luxury companies have shied away from selling online, hoping to preserve their brands from being perceived as mainstream. Blockchain makes it easier and cheaper to invest in luxury assets.Startups make luxury goods authentication easier.Renting luxury goods: a new frontier for incumbents?.As corporate activity accelerates and startups targeting the luxury sector emerge, we look at 7 trends that are reshaping the luxury industry:
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