Loanhood is a successfully crowdfunded fashion rental app that aims to make fast fashion consumption more eco-friendly and purpose-driven.
Users can digitally upload their wardrobe and rent their favourite looks to other members for a fee that they decide. Designed to feel like social media, the app will use geolocation to connect people with other members locally. High street and high end brands will be accepted, and unlike some other models, there will be no intermediary between the lender and the borrower. Loanhood will take a percentage of all rental fees.
The Loanhood website refers to the service as: “The fashion rental app made for people who want to wear new stuff without buying new. Join the crowd of change-makers renting, renting-out, and reinventing the way fashion works.”
The website goes on to underline the unsustainability of the current fast fashion approach. It continues: “In the UK we buy more than 2 tonnes of clothing every minute and the average household has £4,000 worth of clothes hanging in their wardrobe… the thing is a £1,000 of those go unworn and each week 11 million garments end up in landfill.”
The founder also explains that 5% of the UK’s total annual carbon and water footprints result from clothing consumption. According to the brand, extending the average life of clothes by three months would result in a 5-10% reduction of their carbon, water and waste footprints, while extending the life by nine months would result in a 20-30% reduction.
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