By PYMNTS
New York’s Wardrobe has expanded its geographical footprint in the emerging online clothing rental space by acquiring Dallas-based rival Rent My Wardrobe.
Wardrobe said the merger will bring in tens of thousands of customers in addition to strengthening its position in the southern states. The deal coincides with Wardrobe’s first-year anniversary.
Wardrobe allows owners of high-end and distinctive clothing to rent out their items via local dry cleaners. Renters pick up and return clothing at a local participating dry cleaner, which also cleans and stores the items, thereby eliminating Wardrobe’s need for warehouses and shipping fleets. The service is aimed at customers who want to rent items for special occasions or temporarily indulge in high-end fashion and trends.
“Closet-sharing is a movement that’s larger than any one of us or anyone city – women have always borrowed clothes and bags from each other. We are elated to welcome Rent My Wardrobe’s community into ours as Wardrobe continues proving out its model to thousands of new users every month,” said Adarsh Alphons, founder and CEO of Wardrobe.
“We put the fashion authority into the hands of our users and offer them a platform for exchange that eliminates all the issues with borrowing clothes – convenience, cleanliness and value. We are confident that Wardrobe will create a dynamic network of renters looking to explore rare, vintage and designer pieces,” Alphons added.
Wardrobe said it intends to fully integrate Rent My Wardrobe, which is valued at $4 million, in time for the holiday season. Rent My Wardrobe’s Founder Rachel Sipperley will join Wardrobe as its vice president of brand and partnerships, focusing on customer acquisition and growth.
Wardrobe, which bills itself as the Airbnb of fashion, launched nationwide shipping in August and currently ships to more than 40 states. The company is backed by the founders of Airbnb, Coinbase, Opendoor and Vine, along with investors Farfetch, Rebag, Uber and SpaceX. Airbnb Co-founder Nate Blecharczyk serves on Wardrobe’s advisory board.
Wardrobe was founded in 2018 by Adarsh Alphons, who was named a CNN Hero in 2015 for his contribution to children’s art education through his nonprofit organization ProjectArt. He has also been a leading voice in the sharing economy space.
In September, Alphons spoke with PYMNTS’ Karen Webster to discuss the convergence of reCommerce with the sharing economy.
