Harvard Case - PAIRING THE FASHION INDUSTRY WITH THE SHARING ECONOMY - A CASE STUDY OF HOW STYLE THEORY ENTERED SINGAPORE'S FASHION RENTAL INDUSTRY
"PAIRING THE FASHION INDUSTRY WITH THE SHARING ECONOMY - A CASE STUDY OF HOW STYLE THEORY ENTERED SINGAPORE'S FASHION RENTAL INDUSTRY" Harvard business case study is written by Hoi Kok Daniel Siew, Shibei Huang, Milani Lavesh Vijay, Suan Tian Koh. It deals with the challenges in the field of Entrepreneurship. The case study is 10 page(s) long and it was first published on : Sep 3, 2020
At Fern Fort University, we recommend that Style Theory leverage its established position in the Singaporean market to aggressively pursue a multi-pronged expansion strategy. This includes:
- International Expansion: Targeting key markets with similar demographics and fashion-conscious populations.
- Product Diversification: Expanding beyond women?s wear to include men?s and children?s clothing, accessories, and even home d?cor.
- Tech-Driven Growth: Investing in technology to enhance the customer experience, optimize logistics, and personalize product offerings.
- Strategic Partnerships: Collaborating with fashion brands, designers, and other sharing economy platforms to expand reach and create unique offerings.
2. Background
This case study examines the journey of Style Theory, a Singaporean fashion rental startup founded by Rachel Lim and Chris Halim. The company saw an opportunity in the sharing economy and the growing demand for affordable access to stylish clothing. Style Theory?s innovative business model, leveraging technology and a subscription-based approach, quickly gained traction within Singapore?s fashion-conscious community.
3. Analysis of the Case Study
Competitive Advantage: Style Theory?s core competitive advantage lies in its unique blend of disruptive innovation, technology, and customer-centricity. By offering a curated selection of designer and high-street brands at a fraction of the retail price, Style Theory disrupted the traditional fashion industry. The company?s web and mobile applications streamlined the rental process, offering a convenient and personalized experience.
Growth Strategy: Style Theory?s initial success was fueled by bootstrapping and lean startup methodology. The company focused on developing a Minimum Viable Product (MVP), testing it in the market, and iterating based on customer feedback. This agile approach allowed Style Theory to quickly adapt to market demands and refine its business model.
Challenges: Despite its initial success, Style Theory faced challenges related to scalability, logistics, and competition. As the company grew, it needed to address issues like inventory management, delivery efficiency, and the emergence of new competitors.
Framework: To analyze Style Theory?s situation, we can apply the Porter?s Five Forces framework:
- Threat of New Entrants: The fashion rental market is relatively attractive to new entrants due to its low barriers to entry. However, Style Theory?s established brand recognition and customer base create a significant hurdle for new players.
- Bargaining Power of Suppliers: Style Theory?s reliance on fashion brands for inventory gives suppliers some bargaining power. However, the company?s large volume of orders provides leverage in negotiating favorable terms.
- Bargaining Power of Buyers: Customers have a high degree of choice in the fashion rental market. Style Theory needs to continuously innovate and offer competitive pricing to retain customers.
- Threat of Substitutes: The fashion rental market faces competition from traditional retail, secondhand clothing, and other sharing economy platforms. Style Theory must differentiate itself through its curated selection, convenience, and customer service.
- Competitive Rivalry: The fashion rental market is becoming increasingly competitive, with new players entering the market and established players expanding their offerings. Style Theory needs to maintain a strong competitive advantage to stay ahead.
4. Recommendations
1. International Expansion: Style Theory should prioritize expansion into key markets with similar demographics and fashion-conscious populations, such as Hong Kong, Australia, and the United States. This expansion can be achieved through joint ventures, strategic partnerships, or acquisitions.
2. Product Diversification: Style Theory should expand its product offerings beyond women?s wear to include men?s and children?s clothing, accessories, and even home d?cor. This diversification can tap into new customer segments and increase revenue streams.
3. Tech-Driven Growth: Style Theory should invest heavily in technology to enhance the customer experience, optimize logistics, and personalize product offerings. This includes developing AI-powered recommendations, virtual styling tools, and seamless integration with social media platforms.
4. Strategic Partnerships: Style Theory should forge strategic partnerships with fashion brands, designers, and other sharing economy platforms to expand reach and create unique offerings. These partnerships can provide access to new inventory, marketing channels, and customer segments.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies: Style Theory?s core competencies lie in its technology, customer service, and brand recognition. These strengths can be leveraged for international expansion and product diversification.
- External Customers: Style Theory?s target market is fashion-conscious individuals who value convenience, affordability, and sustainability. The recommendations cater to these needs by expanding product offerings, improving the customer experience, and offering more sustainable options.
- Competitors: The recommendations aim to differentiate Style Theory from its competitors by focusing on technology, product diversification, and strategic partnerships.
- Attractiveness: International expansion, product diversification, and tech-driven growth offer significant potential for revenue growth and market share expansion. The recommendations are expected to enhance Style Theory?s profitability and market position.
6. Conclusion
Style Theory has the potential to become a global leader in the fashion rental industry. By embracing a multi-pronged expansion strategy, leveraging technology, and forging strategic partnerships, the company can capitalize on the growing demand for sustainable and affordable fashion.
7. Discussion
Alternatives:
- Focus on the Singaporean market: Style Theory could choose to focus on consolidating its position in the Singaporean market before expanding internationally.
- Organic growth: Style Theory could prioritize organic growth through marketing and product development rather than pursuing acquisitions or partnerships.
Risks:
- Competition: The fashion rental market is becoming increasingly competitive, which could impact Style Theory?s growth.
- Technology: Style Theory?s reliance on technology could create vulnerabilities if its systems are not secure or if its technology is not constantly updated.
- Customer acquisition: Attracting and retaining customers in new markets can be challenging.
Key Assumptions:
- The fashion rental market will continue to grow globally.
- Style Theory can successfully adapt its business model to new markets.
- Style Theory can secure the necessary funding for its expansion plans.
8. Next Steps
Timeline:
- Year 1: Focus on international expansion into one or two key markets.
- Year 2: Launch new product categories and invest in technology upgrades.
- Year 3: Continue international expansion and explore strategic partnerships.
Key Milestones:
- Secure funding for international expansion.
- Identify and partner with local fashion brands and designers in target markets.
- Develop and launch new product categories.
- Implement technology upgrades to enhance the customer experience.
By following these recommendations and executing its expansion strategy effectively, Style Theory can solidify its position as a global leader in the fashion rental industry.
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Case Description
Founded in 2016 and headquartered in Singapore, Style Theory has successfully paired the sharing economy with the fashion industry by improvising its business model. With the ever-changing dynamics of the global world economies, the sharing economy is incrementally being adopted by different untouched commodities and industries. Finding the gap and offering fashion on rental, Style Theory's perfect timing in addressing the shifting consumer needs allowed its business model to effectively pair the sharing economy with the right industry. Style Theory's effective business model has helped the Company build a strong foundation towards success. With the gradual evolution of the business model components, such as key partners and expansion activities, customer relationships, sales channels and revenue streams, Style Theory stays ahead of the curve by continuously expanding and improving on their product and service offerings. This Case Study analyses how it was the right timing for Style Theory to enter into Singapore's fashion rental industry, studies the Style Theory's business model that successfully paired the sharing economy with the industry, and hints if it could be applied beyond the fashion industry in Singapore.
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