Aanchal Saini, is a lawyer turned entrepreneur. Her first entrepreneurial venture was in the food technology sector. She then moved into the rental fashion space by founding RENT IT BAE in 2016, and acquiring Flyrobe in 2019. Armed with strong entrepreneurial skills, Aanchal also specializes in Arbitration and Dispute Resolution Laws.
In a conversation with the Women Entrepreneurs Review, Aanchal talks about the changing landscape of rental fashion in India. She highlights the importance of ‘circularity’ in the textile industry to build a more sustainable future. Here are choice excerpts from the conversation.
In your experience, what are the primary drivers that attract consumers to opt for fashion rentals instead of traditional purchasing models? How can fashion rental platforms effectively communicate these benefits to a wider audience?
The company started as a pioneer in the rental space, aiming to convert buyers into renters. This business model is called a ‘mindset change business’, as it aims to change consumption patterns. For example, Ola influenced Indians to use cab services, a shift from driving to public transport. In establishing Flyrobe, the first half of the decade was spent on branding, marketing, and educating people about the benefits of renting.
Key drivers for consumers to choose rentals include saving money, being conscious about fashion trends, and being environmentally conscious. Rentals are useful for ethnic occasions, where bulky products can be stored and maintained easily. Additionally, rentals are a great way to save money and maintain sustainability. The company is committed to creating sustainable fashion options and promoting green practices.
As the fashion industry moves towards circularity, how do you envision rental models contributing to the shift from a linear "take-make-dispose" model to a more sustainable and circular economy?
New-age consumers are becoming more conscious about their behavior, particularly in terms of plastic use. Gen Z, millennials, and youngsters are taking steps to reduce plastic usage. Fashion consumption is also becoming more environmentally conscious. The Flyrobe ethos encourages buying basic items and renting iconic ones, creating a circular system for occasion-specific wear. This approach reduces waste, money, storage, and environmental impact.
Sustainable fashion rentals require a delicate balance between inventory management and customer demand. How do you utilize data analytics and market insights to optimize your inventory and ensure a seamless customer experience?
Flyrobe is a fashion rental company, that operates on multiple levels to maintain its circularity model. The company rotates inventory multiple times to maintain its circularity. The company also utilizes the marketplace model, which allows it to utilize existing closets with non-performing assets like lehengas. The company also acquires and manufactures its inventory, and uses a customer-to-customer (C2C) model to rent luxury products to customers who own them. This model works well for Flyrobe, as luxury products are sourced through the marketplace model.
To understand demand and supply, Flyrobe uses data analytics to analyze user patterns and website traffic. For example, when opening a store in a new city, Flyrobe uses data from the last nine years to determine the most popular categories of customers. In Coimbatore, a survey was conducted based on user demographics, identifying the most popular categories for lehengas, sherwanis, Indo-Westerns, suits, tuxedos, gowns, bridal lehengas, and wedding guest lehengas. This inventory index, derived over 10 years, minimizes errors in inventory selections.
The concept of "conscious consumption" is gaining momentum. How have leaders aligned their brand's values with the evolving mindset of consumers who prioritize sustainability? How can brands communicate this effectively to their target audience?
Flyrobe has been focusing on sustainability by renting out ethnic garments. The company has been able to save 24,000 liters of water, per outfit by renting out outfits, which is equivalent to a swimming pool in a residential colony. The brand has also been able to reach a wider audience, particularly millennials and Gen Z, who prioritize access over ownership. We have partnered with over 500 influencers and celebrities who have spoken about rentals and tried them. A new era is emerging, where bloggers focus on sustainability in fashion, such as reuse and thrifting. For a luxury niche brand, reaching out to a smaller audience is crucial, but for a rental brand, reaching out to the masses through digital channels like Instagram is the best way to convey their message. This approach has helped Flyrobe create a significant impact on sustainability.
As sustainability becomes a mainstream concern, how can professionals collaborate with other stakeholders in the fashion industry to collectively drive systemic change and promote a circular economy beyond the realm of rentals?
Stakeholders collaborate to reach audiences and spread awareness about products. Flyrobe collaborates with various verticals to address issues like repairs and recycling and make widespread awareness about the products. We are exploring collaborations with other accessory brands to create accessories from leftover ethnic garments that have been reused and recycled multiple times and cannot be repaired. The government has taken the initiative for sustainable clothing, with the Ministry of Textile playing a significant role in discussions. The government's support for sustainable fashion and rental reuse was highlighted at an event called Bharat Tex where PM Modi watched our 90-second video. The government is a major stakeholder in this space, and if policies are created that are friendly to this type of fashion, more people will join the movement. Collaborations with various stakeholders work well in the fashion industry.
How do you foresee rental fashion’s adoption across India in the near future?
Flyrobe has 16 physical stores including Bangalore, Coimbatore, Nashik, Surat, Delhi, Gurgaon, Bhopal, Ludhiana, Belagavi, Agra, Ranchi, Erode, Hyderabad, Mumbai, Jaipur and an online presence in 30+ cities.. The company has spent eight years online, creating users and demand in every city. The next step is to expand to 30 stores by the end of this year and 100 stores in the next 30 months. The business aims to spread its wings through omni-channel strategies, as users discover the company online and visit the store for better conversion. The company believes that even if 10% of buyers convert to renters, it could have a market share of 400 crores in India. The shift from buying to renting is happening in India, similar to Europe's tuxedo rental market.
Message for Readers
I would like to encourage people to explore sustainable fashion options, including renting and creating swimming costumes from plastic bottles. I emphasize the potential for sustainable business ideas and encourage readers to consider sustainable fashion options, as they offer numerous benefits, including reducing waste and supporting sustainable practices.
