Style Theory, Southeast Asia’s circular fashion subscription platform, is taking deeper roots in Hong Kong come final quarter of 2021 with their flagship rental memberships.
Likened to Netflix’s subscription-based business model and its diverse selection of shows, Style Theory similarly provides people with a monthly access to a limitless closet of designer wear at a fraction of the retail price.
With over 9,000 users locally and more than 100,000 users in Singapore and Indonesia, this model has been the cornerstone for the SoftBank-backed enterprise to raise US$30 million since its conception in 2016 by power couple, Chris Halim and Raena Lim.
Despite COVID-19 headwinds, Style Theory has grown its Hong Kong users by 193 percent over the past year, and it continues to amass strong demand in across sharing economy, preloved fashion and subscription-based rental services. Its membership program offers each user an expertly cleaned and maintained designer bag.
With investments in product and innovation, the Style Theory app harness machine-learning algorithms to capture its members’ browsing and rental history to create an easy and personalised shopping experience. With this data, Style Theory also sustainably sources additions to the inventory from businesses and consignors, building a robust circulation of over 2,000 authenticated bags. This extends the lifecycle of each item to combat the impact of overproduction by the fashion industry.
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Style Theory is targeting to reach 3 times growth in Hong Kong by Q1 2022 by leveraging on the already positive reception and its plans to establish an official facility in the city. The next few months will be crucial for them to steadily progress at a comparable scale to its other successful regions.