Delhi based “Wrapd” can be of help in such times. On Wrapd, you can rent party wear and clothes. The company offers a solution for consumers who want to look special in the pretty designer outfits on certain important occasions such as weddings, festivals and parties. For frequent party goers, this can save a fortune.
The company was started by Neeraj Wadhera in early 2009, operating out of her Patel Nagar home. The brand was named as “Rent A Party Dress” initially. In August this year the startup rebranded the identity as “Wrapd” and opened its Lajpat Nagar store. Now it has two stores in Delhi, one in Patel Nagar and other in Lajpat Nagar.
The brick and mortar store has a wide variety of Indian Ethnic wear for men and women and western wear only for women. Together, the stores have around 135 products in womens ethnic wear category, 60-70 products in womens western category and over 75 products in men category.
The firm provides its services in Delhi and NCR, though it has delivered some outstation orders on demand. Since the opening of its Lajpat Nagar store on August 3 2013, it has received over 100 confirmed orders and more than 60 bookings from the Patel Nagar store.
Besides regular customers, models, advertisement agencies, media houses and corporate folks are another set of audience who like to take dresses on rent rather than buying it.
An interested user usually visits the store where he can select the dresses. Measurements are taken and clothes are given for alteration if there are any changes which need to be done. Customers can pick the dress from the store a day before the function or it can be delivered at home. One ideally has to return the rented clothes on the next day of the occasion.
After a dress is chosen, the customer is charged a token amount. On the day of the delivery, a security amount which is 3 times of the rent price is charged from the customers. When the dress is returned, rent charges are deducted and the rest amount is refunded.
In case, damage happens to the outfit, some amount is deducted depending on the damage done.
Clothes are either designed in house or are sourced from local vendors in the market. Designs of these apparels are selected with the latest trend and fashion in the market at a given time. The rental charges start from Rs 400 and goes up to Rs 25,000.
A new and fresh piece is rented at nearly 20% of its market price. For instance, an Rs 6000 dress is offered at a rental price of Rs 1000- Rs 1200. And every time an outfit is rented, its rental charge is decreased by 10%-15%.
Customers don’t have to worry about maintaining clothes either.
Anunay Arora, one of the core team members of the company says, “We have not partnered exclusively with any individual designer only to keep the rental prices low.” As dresses designed by famous designers such as Manish Malhotra are very expensive, automatically the rent also increases. We wanted to start with low range, though in future we will consider collaborating with big designer labels, says Arora.
The startup is using online medium to create its presence and drive footfalls on the store. It has a web presence through the portal wrapd.in, and 65-70% traffic comes from it. Online marketing techniques such as SEO, Google Adwords, and social media presence are used for spreading the brand message and concept.
“Our target audience lies in an age bracket of 18 year to 35 year old and most of them are online”, says Anunay.
Though currently the portal just display images of the inventory present at the store and one cannot pay online and rent it, but soon the whole process will be online, says Arora. We are just waiting for the right time, he added.
Another interesting pattern which we have analysed from user’s behaviour is around 65% of the queries we get online are from women but when it comes to actual conversions men slightly outnumbered women, added Arora.