Millennials’ preference for experiences fuels luxury fashion market

Reebonz Chief says top of the line style rental administrations, handed down dealings liable to keep on developing
South Korea is ascending in the positions of the extravagance market’s plan, impelled by shoppers’ repressed craving to buy top of the line design products as pandemic lockdowns are lifted and the nation does whatever it takes to get back to business as usual.
While many decide to purchase top of the line design things both disconnected and on the web, some really like to lease them at a lot less expensive costs. To satisfy this need, a rising number of nearby organizations have signed up for rental administrations.
“We have constructed an environment of extravagance to offer types of assistance, from trading of both fresh out of the plastic new and used top of the line items to membership based extravagance design merchandise rentals, making extravagance open,” Ha Dong-gu, CEO of Reebonz, said in a new meeting with The Korea Messenger at the organization’s central command in eastern Seoul.
Ha laid out Reebonz, previously known as Reebonz Korea, in July 2012. The comapny started benchmarking the US-based very good quality apparel online business rental firm Lease the Runway four years after the fact. Having purchased a 100% stake in Reebonz from its Singapore central command in 2019, the organization changed its name and has turned into a leader in the extravagance online business rental help market in Korea.
North of 2 million spic and span and used very good quality items are ready to move, and in excess of 8,000 things are fit to be leased, he said. Hermes, Louis Vuitton and Chanel are the most famous worldwide brands among Reebonz’s clients.
Reebonz is better known to ladies in their 30s and 40s, yet after it sent off the rental assistance in December 2016, the age scope of its significant clients dropped to 25-35, Ha said. The quantity of rental assistance clients is seeing the most development among the association’s three primary organizations, he added.
“It is upheld by the utilization ways of behaving of Korea’s recent college grads (those brought into the world between 1981 to 1996) who are more open to burning through cash on encounters contrasted with more seasoned ages,” he said. “Since they are skeptical about their possibilities for turning into a property holder with their wages due to soaring land costs, they like to ‘put’ cash in encounters by purchasing or getting extravagance products.”
Korea is the seventh-biggest extravagance market on the planet, with its worth taking off 4.6 percent on-year to stretch around $14.2 billion starting around December last year, as indicated by the most recent information delivered by Euromonitor Global.
Ha anticipated that twenty to thirty year olds’ inclination for encounters will probably keep on powering the nearby extravagance design market’s development.
Yet, since the costs of worldwide extravagance merchandise are supposed to flood with rising interest, Ha accepts that top of the line style rental administrations and handed down dealings are probably going to speed up their development. This thought prompted the send off of the 79,000 won ($62.30) month to month rental membership administration.
“Extravagance that we seek after isn’t about lavishness. It is tied in with making clients’ lives more important past the three fundamental necessities of food, attire and sanctuary. We accept everybody has craving for extravagance,” Ha said. “We expect to give a superior ‘encounter’ to our clients under our extravagance environment.

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