SINGAPORE: Online fashion rental platform Style Theory’s sudden closure in recent days has left subscribers and consigners with no refunds and no way to retrieve their items.

Founded in 2016 to offer a sustainable solution to fast fashion, the Singapore-based platform adopted a consignment model where subscribers could rent luxury apparel and accessories from their owners.

It provided one-time rentals for designer pieces, as well as subscription plans that let members rent a set number of items each month for a monthly fee.

In a notice posted on its website on Wednesday (Oct 1), the circular fashion start-up cited rising costs and the withdrawal of key investors among reasons for its decision to shut down.

All rental, delivery, membership, support and services will be discontinued, and refunds will not be provided for unused portions of customers’ subscription plans, according to the website. 

BLIND-SIDED BY SUDDEN CLOSURE

Co-founder Raena Lim said in the notice that the current economic climate has made it increasingly difficult for the business to sustain operations, adding that the closure “was not a decision made lightly”.

“We are deeply sorry for the suddenness of this news and for any disappointment it brings,” she added. “Please know we explored every possible alternative before arriving at this decision.”

Customers with rented apparel pieces were asked to hold on to them until further notice. Those holding on to rented bags were asked to return them, “as they are either company-owned or consigned by individual owners”, said Style Theory.

Long-time customers told CNA that while the announcement came as a shock, there had been signs of trouble.

One subscriber said her most recent order arrived with missing items, and her account was terminated just three days before the company officially announced its closure.

“The first red flag was when they didn't answer the problem at hand. Instead, they only told me they are having a warehouse situation, so they are sorry that they can't do any exchanges at this point in time,” said affected customer Serene Teo.

“But if you're shifting warehouses, there is no need to pause the subscription without saying anything.”

IRREGULAR PAYOUTS, POOR HANDLING

For apparel consigners, they will not be able to receive their pending payouts dire...