Dream Wardrobe: Rental business enrichs luxury fashion experience for customers

Abstract

With the ongoing surge in Vietnam's economy, the country is progressively emerging as a highly appealing center for investments in the luxury fashion industry. The strong demand for high-end fashion in Vietnam can be attributed to various factors such as the expanding high earner, wealthy class, rapid urbanization, and a young population. The fashion-savvy individuals in Vietnam, particularly younger generations, are demonstrating a strong interest towards global luxury fashion labels. This trend signifies a move away from traditional choices and a growing admiration for unique, top-notch products. The increasing inclination towards luxury fashion items is being reinforced by the surge in international travel and exposure to global fashion trends, highlighting Vietnam's potential as a prominent luxury market. With these strong market dynamics and evolving consumer behavior, the Vietnamese luxury fashion rental segment presents an exciting investment opportunity. Investors who act early and strategically could stand to reap significant returns in this rapidly evolving market. This study will present, analyze, and offer insights regarding the proposed business model for a venture called "Dream Wardrobe" - where we provide luxury fashion pieces rental options, check authentic and consignment situated in Hanoi, Hoan Kiem district. By using Dream Wardrobe service's economical solution, customers can ease their financial burden while they can still satisfy their fashion sense, maintaining a high-fashion wardrobe. For examination and specific steps forward, the comprehensive project plan has been segmented into nine distinct categories including market research, key activities, strategy, marketing, human resource, finance, risk management, and future plan. Based on the results of the analysis and evaluation, it can be concluded that the "Dream Wardrobe luxury fashion rental" model business possesses the ability to effectively operate and revenue advantages for both its customers and business owners.