Sites like Rent the Runway have proved that there is a large market for renting luxury apparel. E-commerce website, Luxemi, has decided to take this further and create a specialized website that deals in only Indian apparel and accessories. Undoubtedly, this niche e-commerce website is currently targeting South Asian American women. The idea is to cater to a clientele that cannot afford to purchase high-end Indian wear or do not have access to a suitable store. In doing so, Luxemi joins the likes of Exclusively.in, a flash sales site that also caters to USA’s Indian population.
Luxemi is currently offering two separate collections, one for sale, the other for rent. Shoppers who decide to rent something from the “borrow closet” will have to provide a reservation date, clothes size, and a rental period (either 4 or 10 days).
Traditional saris and salwars can be rented at Luxemi at prices starting from $78. The rental rates for jewelry starts from $28. Each rental package comes with the chosen apparel and jewelry and includes a backup sari blouse for size and fit, along with pins, bindis, a garment bag and free return shipping. And for all those who felt that a niche venture like this might not take off, Luxemi has already gathered 4,200 members despite being in existence for only one month.
In fact, Luxemi is optimistic that interest in their luxury apparel for rent will extend beyond the ethnic demographic. According to the startup, non-Indian members are currently placing 40 percent of the orders. The site is on a rapid growth path and has recently picked up venture capital of $16 million from Tiger Global.
Via: Tech Crunch