Image via screenshot of Y Closet’s official website
The sharing economy is on the rise in China where customers are now able to rent high-priced handbags on WeChat or via mobile apps. After sharing taxis, bikes and many other products, the world?s second-largest economy has started to share luxury goods, according to a July 5 report.
According to the article in the Global Times, which is a nationalist newspaper owned by the Chinese Communist Party, the current founders of many sharing platforms think ?it is more economical and environmentally friendly to rent a luxury bag as fashion accessories are replaced frequently.?
In order to borrow a luxury handbag, interested customers typically need to place a deposit of around RMB 19,000 (USD$2,794), while the cost of rentals generally ranges from RMB 99 (USD$15) to over RMB 1,000 (USD$147) depending on what type of bag is being sought. China?s sharing economy is expected to grow rapidly in the next couple of years and is projected to contribute to over 10 percent of the country?s GDP by 2020, according to the National Information Center. Many business professionals thus see great potential in the share economy.
The Beijing-based startup company Dou Bao Bao (???) is one of the companies attempting to take advantage of it. According to information on its official WeChat account, Dou Bao Bao specializes in renting high-end handbags from top-tier luxury brands including Hermes, Louis Vuitton, Chanel, Christian Dior and Cel...