What if we told you could wear that prized Off-White jacket you saw on the ‘gram or that super rare Yeezy sneaker, for a fraction of the usual price? There’s a catch, of course. You’ll only have it for one week. You can wear it every day of that week, take as many selfies with it as you want and wear it to impress your date. But once that week is over, you’ll never don that Off-White jacket again.

This way of thinking is known as the sharing economy. Goods are not restricted to a single owner but are instead shared and rented. It’s a mindset that has taken other industries by storm. Airbnb has revolutionised the way we plan our holidays, car sharing is a big bucks industry led by BMW and its DriveNow program, while Netflix and Spotify have changed the way we consume film, TV, and music forever.

Analysts at PwC predict that by 2025, the five key sectors of the sharing economy — staffing, finance, car sharing, travel, and music and video streaming — will generate £260 billion a year, up from about $11 billion today.

And renting designer clothes could be next.

Will Fashion Catch Up?

Renting fashion has been growing in popularity, and we’re not talking about hiring a morning suit for your friend’s upcoming nuptials. The rented wardrobe might include designer gear, hyped sneakers or a luxury watch. Most of us want those things, but few can afford to buy them outright.

The demand has been there since at least 2016, when a study by Westfield shopping centres found that more than 25 per cent of those surveyed would rent clothing. Half of 25-to-34 year-olds said they would spend £200 or more a month on clothes they don’t get to keep.

Until recently, the majority of these firms – such as industry leader Rent The Runway – have catered mainly to women, who have snapped up the chance to wear a look straight from fashion week or the red carpet.