Well, it looks like H&M is trying to revive their business after many setbacks by adding a clothing rental service.
According to the a Business of Fashion, the business model will offer a Loyalty Program in which customers will have access to 50 garments that they may rent for a given period of time, for approximately $37 USD a week in Stockholm, Sweden.
After the brand’s three week trial period, they will decide whether to expand the program’s offerings and reach or not.
Daniel Claesson, H&M’s head of business development, stated “we have a huge belief in rental, but we still want to test and learn quite a lot and do tweaks and changes.”
Many brands such as Banana Republic and Urban Outfitters also provide a rental service for their clothing, so it’s only right for H&M to keep up with their competitors.
If everything goes well, we may see the loyalty program in the states from H&M.