|Name: Niyati Shah
NYU affiliation: Stern
NYU status: Alumni
|Did you enter last year?: No
Do you have any teammates?: No
How many, including yourself?:
High Concept Statement
Peer-to-peer fashion matchmaker for South Asian luxury clothing. Individuals can monetize their closets by renting out formal wear for desired time periods.
South Asian women in the US purchase ethnic formal wear for $100s-$1000s and wear the items only a handful of times.
ClosetRaani will transform these outfits into productive assets generating cash for the owners. Rentals will allow reuse of clothes and access to expensive ethnic clothing for a discount.
Style Lend: Direct competitor, but for Western styles in San Francisco. ClosetRaani will be targeting South Asians across the country.
RenttheRunway.com: Normalized the idea of rentals for designer clothing, but invest in their inventory. ClosetRaani would be a pure renting marketplace.
SilkRoll: Clothes sold to third parties on consignment, based on a point system. ClosetRaani allows renters to continue to monetize on their ownerships.
Renters can lend designer clothes for desired periods, up until the time when they wish to reuse the outfits. Rentees get discounted access to quality, unique clothing.
This app would allow individuals to upload pictures of their outfits directly using phone cameras (following set guidelines on size and measurements, and potentially work with fit technologies or body scans). The renters would set their own pricing (generally 10%-30% of the full price). Dry cleaning/ laundry will be borne by enters. Shipping charges will be covered by rentees. App will be free to download. Notifications for new outfit uploads that fit user preferences will aid user retention. Revenue Sources: 1) Similar to other marketplaces like StubHub or Airbnb, a transaction fee will be charged to the Rentee as a percentage of the transaction value on each rental purchase. 2) The app will bring together a community of fashionistas as people upload more items from their closet and show off their styles. These power users can pay additional to be the “Featured Fashionista” of the week. 3) Ad revenue from retail / fashion companies that cater to this target audience 4) Rental insurance will be provided for an additional charge. 5) Social impact would be apparent from each rental, which signifies a decision point where Rentees chose to borrow clothes vs. purchasing new ones. This leads to a reduction in the overconsumption trends from fast fashion. The goal would be to Reduce (new purchases), Reuse (existing clothes in the closet), and Recycle (materials when worn). Partnering with organizations like I:CO can help at the end of the consumer life cycle when Renters are ready to dispose of their clothing.
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