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Tag: Style Theory

  • Style Theory Shuts Down: High Operational Costs, Investor Departure Mark End Of Fashion Rental Platform

    Style Theory Shuts Down: High Operational Costs, Investor Departure Mark End Of Fashion Rental Platform

    Style Theory, a Singapore-based online clothing rental platform, has recently ceased operations due to increasing operational costs and the departure of its key investors.

    Established in 2016, Style Theory functioned as an online rental platform that operated on a subscription basis. For monthly fees ranging from $89 to $149, it provided its customers with access to designer clothing and fashionable accessories via its proprietary app.

    The company announced on its online platform that it discontinued its subscription service as of September 30. All related services including rental, delivery, membership, support among others, were also discontinued. Customers were alerted that unused points would not be refunded and they could retain any rented items indefinitely.

    The firm will go into liquidation, and those owed money will be classified as creditors. The economic climate, which the company describes as increasingly challenging, along with rising costs and unforeseen circumstances, including the withdrawal of key investors, were cited as the main factors behind this decision.

    Style Theory was supported by notable investors including Alpha JWC Ventures, Quest Ventures, The Paradise Group, and SoftBank Ventures Asia.

    The decision to shut down was not taken lightly, as stated by the founders. The main mission of Style Theory, since its inception, was to make fashion more sustainable, accessible, and circular. The unexpected discontinuation of services is regrettable, and the company sincerely apologizes for any disappointment caused. The founders assured that every possible alternative was considered before reaching this conclusion.

    This closure follows the shut down of the company’s operations in Indonesia in June. The company stated at that time that it wanted to concentrate its resources on strengthening its foundations in Singapore and Hong Kong.

    Questions & Answers

    Why has Style Theory ceased operations?
    Style Theory has ceased operations due to escalating operational costs and the departure of key investors.

    What happens to the customers who have unused points?
    Customers were informed that their unused points would not be refundable. They can, however, keep any items they have currently rented indefinitely.

    What was the primary mission of Style Theory?
    The primary mission of Style Theory was to make fashion more sustainable, accessible, and circular. The company aimed to achieve this through its online rental platform.

  • Designer-bag rental platform Style Theory makes great Hong Kong start

    Designer-bag rental platform Style Theory makes great Hong Kong start

    Online circular fashion platform Style Theory has expanded its network to Hong Kong, its first market outside Southeast Asia.

    Style Theory Hong Kong members now can have access to more than 2000 designer bags from luxury brands, including Hermes, Celine, Chanel, Dior and Saint Laurent, with a rental subscription starting at HK$899 (US$116 per month).

    “Hong Kong was a natural fit in our regional growth plans to lead the circular fashion revolution in Southeast Asia,” said Raena Lim, co-founder of Style Theory. “Hongkongers can be more empowered to access fashion without the guilt of trying new styles or worrying about storage and maintenance.”

    Style Theory Hong Kong will focus on rental subscription and resale services for designer bags before considering other categories.

    Founded in Singapore by Raena Lim and Chris Halim, Style Theory started as an apparel rental subscription service before expanding into luxury bags.

    Style Theory is one of Southeast Asia’s largest online circular fashion platforms with offices in Singapore and Jakarta. The brand launched its flagship brick-and-mortar store in the heart of Orchard Road, Singapore last November.

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  • Style Theory opens its first flagship store

    Style Theory opens its first flagship store

    Southeast Asian online subscription-based designer fashion rental service Style Theory is opening its first permanent retail store on October 18 at 313@somerset.

    The 1500sqft store is an effort to make sustainable living more accessible by bringing the fashion rental experience to the physical space, encouraging more consumers to embrace renting and kick over-consumption habits. It opens as the conversation around the textile-product industry and fast fashion’s negative environmental impacts now gain momentum.

    The new store will help first-time subscribers get more out of their subscription, providing more than 300 apparel pieces and 30 designer bags in a location where customers can see, touch, try and immediately rent products – including casual everyday pieces, formal business outfits or occasion and weekend wear, as well as classic, trendy, and seasonal bags.

    The space will also serve as a collection and return point, reducing processing time between each box as subscribers can enjoy new outfits and bags right away, or choose their next selection on the app immediately upon return.

    New subscribers can take advantage of complimentary 60-minute personal styling sessions, where professionally-trained image consultants will share bespoke advice and recommendations based on body type and preference.

    The store also features an immersive life-sized art installation – The Infinite Wardrobe – designed in collaboration with Laura Francois, a prominent social impact strategist and sustainability advocate. The three-meters-tall installation, created entirely with retired clothing from Style Theory, represents a future where the dream of having an infinite wardrobe turns into reality through sharing clothing items that are made to last.

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