H&M To Introduce Blockchain-Based Rental Service

Fast-fashion giant H&M is set to try out a new blockchain-based rental service in one of its Berlin Stores. Not only will customers be able to rent out clothes but also have access to complete traceability about a product’s rental history.

H&M is working on the service in partnership with circular fashion platform and Italy-based firm, Lablaco. The service will be entirely on blockchain, which is a technology that allows data storage and transfers through a decentralised network. This technology is what will help provide complete transparency of an item’s rental journey.

H&M will be using Lablaco’s platform, SPIN, to test the new service, which will be available at the fashion brand’s Mitte Garten store in Berlin until the end of the year. For the initial testing phase, customers will be able to rent or reserve-and-pay for one out of the 12 items available for the service. One will be allowed to keep the piece for a certain period of time, ranging from five days to about three weeks, and the same will be then returned to the brand, which will check and clean the rented product. All information about the products available for rent will be accessible to a customer by scanning care tags of the product, thanks to the blockchain technology.

“To help create sustainable consumption patterns, H&M wants to find business models for recycling or reducing materials consumption. New business models such as reselling or renting alongside innovation in materials and recycling technologies play a crucial role in that. We are excited to exclusively try out this blockchain-based rental service in our Berlin Mitte Garten Store, where we have a unique community and customer base. They love to explore new things, are open for new tech features to experiment with their style and looks in a fashion-forward, sustainable and affordable way,” Stiliana Stoyanova, PR and event manager at the Mitte Garten store told IoT World Today.

While this is one of many circular and conscious initiatives taken by the brand to offset some of its carbon footprint and make its business more sustainable, H&M continues to stay under criticism owing to its high production and wastage levels.

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