H&M’s foray into rentals comes as sustainable fashion becomes a more important factor in shoppers’ clothing purchasing decisions, according to a 2019 report by global accounting firm KPMG. That’s how much of the world’s greenhouse gas emissions the clothing industry is responsible for⁠—it uses more energy than the shipping and aviation industries, according to the United Nations. Key background: Fast-fashion retailers like H&M are hugely popular and are projected to generate $44 billion in sales by 2028, while the entire clothing industry was valued at $2.5 trillion this year. Also entering clothing rentals are traditional retailers Banana Republic and Urban Outfitters. Tangent: Patriot Act with Hasan Minhaj devoted an episode to exploring the environmental impact in the manufacturing⁠—and then trashing⁠—of so much inexpensive clothing.

Source: Forbes December 06, 2019 13:52 UTC