Luxury fashion rental platform Armarium has been unable to sustain itself in the current retail landscape, and hence will be shutting shop on 7 March.
The brand, started by Trisha Gregory and Alexandra Lind Rose in 2016, tried to bring forth a unique concept within an industry harbouring a surfeat of rental platforms.
Armarium offered higher-end, event-driven offerings as compared to the mundane subscription model.
Continually focusing on omni-channel presence with designs for rent from the top luxury houses in the world, the company also offered styling services.
Customers could book a professional styling session at the Manhattan showroom or in the comfort of their homes in LA, New York or San Fransisco.
Additionally, it strategically partnered with luxury boutiques across the world like Browns Fashion, London and Le Bon Marché, Paris to align itself with established luxury bricks-and-mortar retail.
Armarium also tried to tap the high-spending customer by hosting events in top-notch locations, including summer pop-ups in The Hamptons, Art Basil Miami or in Los Angeles during awards season.
Despite raising US $ 5 million from investors like Tommy Hilfiger and global venture capitalist group C Ventures Fund, Armarium struggled with the rising costs of running a rental business. Complicated logistics like international shipping, drycleaning and high-return courier costs, added to an already uncertain retail environment the company was operating in.
In an e-mail to customers, Gregory explained, “We are sad to share that while the timing of Armarium was thoroughly future thinking, we were a little too early to scale to the next level in this challenging retail environment. I am hopeful that Armarium’s influence has made a lasting impact.”
