In its latest mobile app update, Tulerie, a peer-to-peer, invite-only fashion rental platform for women, debuted a rent-to-buy option that allows members to purchase pieces from other members, or to buy items after renting them.
Other new app features include:
- Enhanced search filters to more precisely pinpoint what members are looking for when browsing (e.g. “after dark” and “warm-weather” looks); and
- Location-based search for finding items that are within close proximity for quicker delivery (currently in beta testing in Manhattan).
The high-end fashion startup’s same-day messenger service is now available in Manhattan, and the company plans to expand this offering to other U.S. cities. Tulerie also is providing messenger service in the Hamptons for next-day delivery on select pieces through Labor Day.
The 2019 CB Insights Luxury Trends report emphasizes resale as a “necessary” trend that luxury companies should focus on in order to keep up with the constantly evolving fashion industry. The U.S. luxury resale market totaled $6 billion in 2018, according to Bain & Co. Pricing, and Berenberg projections estimate that resale could comprise 9% of the total luxury goods market by 2020.
Over the past three years, the overall resale market has grown 21X faster than the retail apparel market and is expected to reach $23 billion by 2023, according to the thredUP 2019 Resale Report.