The peer-to-peer marketplace boasts a slew of major designers and archival pieces from Sabyasachi, Anita Dongre, Tarun Tahiliani, Mahima Mahajan, House of Masaba and more.
After seeing success in the U.K. market, South Asian rental, resale and peer-to-peer lending platform The Borrowed has set its sights on the U.S. and has launched in New York for its American headquarters.
The platform was created by Divina Chopra, cofounder and chief executive officer, who previously worked in merchandising at Hermès, Burberry and Rolex, alongside Shreeya Thakkar, cofounder and chief operating officer, who spent a decade at Goldman Sachs.
“When Shreeya and I started The Borrowed, peer-to-peer rental for South Asian fashion was already booming in the U.K. and U.S., but the experience had become very transactional,” Chopra said in an interview with WWD. “When you’re renting from dozens of different lenders, trust and consistency suffer — and we were missing a truly curated, luxury experience for South Asian designer fashion.”
Following its success in the U.K. market, Thakkar and Chopra were receiving requests from the U.S. clientele looking for the same experience. Opening in New York was a no-brainer for the marketplace, given that it’s the largest South Asian consumer market outside of the subcontinent.
Focusing on extending pieces’ life cycle and making the luxury market more accessible and sustainable, the peer-to-peer marketplace offers a curated selection of special occasions and formal events designer pieces. The average rental on The Borrowed generates approximately $360 in revenue, against the average cost of a piece of $1,800 — pieces typically pay themselves back within five rentals.
Source link
