July 20, 2020, Valsad, India – According to the study published by Evolve Business Intelligence, The global online men’s clothing rental market was valued at $233.7 million in 2019 and is anticipated to grow at a CAGR of 12.6% from 2020 to 2027. Some of the major factor impacting the overall growth of Online Men’s Clothing Rental market include, growing disposable income, increasing interest in cosplay, Increase in Internet penetration in developing countries. The major factor that are restraining the growth include Huge expenses for maintenance and hiring experienced personnel. The future opportunities for the market include Rise in apparel & fashion industry across the Asia Pacific region.
According to Evolve Business Intelligence “As per the government instruction across the globe has resulted in the closing of retails stores as well as online e-commerce stores as a precautionary measure for non-essential goods. In the fashion industry, most of the brands pay their suppliers weeks or even a month after the delivery has been done. In this pandemic crisis, many brands and retailers have canceled their orders and stopped payment of the order which they have already placed. Due to this, most of the factories have got no choice but to hold the stock or to destroy it. This has resulted in greater financial loss and impacts the overall fashion industry including rental services.”
Men’s Wearhouse to hold the highest market share in Online Men’s Clothing Rental Market
The Online Mens Clothing Rental market has witnessed several new additions to the number of players offering the product with multiple China-based startups. Some of these startups are Men’s Wearhouse, CandidKnots, Express Style Trial, Bombfell, and Others. Men’s Wearhouse retail apparel operated 716 stores in 50 states and the District of Columbia.
The Online Mens Clothing Rental market report published today include market revenue generated through the sale of clothing types such as Western Wear, Ethnic Wear Others. The report also includes the analysis of the market on the basis of application such as, B2C, B2B, C2C.