Cloudset, UAE-based re-commerce platform, is set to launch an innovative ownership model that offers options for limited-time purchases or rentals of high-end brands. This will enable fashionistas in the UAE to wear top brands like Dior, Gucci, and Balenciaga at parties or occasions, at a fraction of their original prices.
This startup’s unique approach allows customers to pay solely for the duration they actively use the clothing, promoting efficient resource utilisation and reducing waste. This initiative aims to empower fashion enthusiasts on a budget to indulge in their love for trendy, premium brands.
Cloudset’s launch aligns with the growing demand for sustainable and eco-conscious fashion solutions in the UAE and the broader GCC region. Projections suggest that the re-commerce market in the region could reach US $ 11 billion by 2026, albeit a fraction of the anticipated global market size of US $ 245 billion by the end of 2024. The luxury re-commerce sector in the GCC alone is forecasted to grow to approximately US $ 800 million in the next two years.
Amina Musaeva, CEO of Cloudset, highlighted the platform’s goal of providing brands with opportunities to monetise unsold inventory, enhance customer loyalty, and explore new sales avenues for emerging designers.
Experts believe that Cloudset’s business model has the potential to resonate well with fashion-conscious consumers in the UAE and beyond, particularly the younger demographic facing budget constraints but eager to embrace trendy and sustainable fashion choices.
Recently launched in the UAE during the Global Citizens Forum at COP 28, Cloudset offers access to sustainable fashion options with a reduced carbon footprint, featuring renowned brands like Dior, Gucci, Balenciaga, and Bottega Veneta, as well as mono brands like Twinyards. Additionally, it collaborates with select partners such as Formula Two and Formula 3 and serves as a dressing partner for Yaspis, a Renaissance tour.
In India too, there are companies like Date the Ramp and Klozee which offers fashion enthusiasts to wear a designer label for a particular occasion with prices ranging from Rs. 2000 to Rs. 90,000.
