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Holidays are the perfect time to rent because you want to wear something memorable and trendy (to a party) that you might not wear for the rest of the year. I mean, how many times can you wear a sequined dress? said Hyman. This philosophy can also be credited for Rent the Runways overall success, since it translates extremely well to millennials, its target demographic, who dont want to be caught dead in the same dress twice. For them, the allure lies in the shared economy that operates on renting, as the collective idea of ownership seems to be lifting. According to the Harris Study for Eventbrite Millennial Research, a survey of 2000 plus consumer revealed three in four millennials would choose to spend money on an experience or an event over buying something desirable. The effect of this experience economy has also propelled businesses such as home rental site Airbnb, and taxi services such as Uber, and indeed fashion. Todays consumers have radically different priorities, with a transformative effect on entire industries, including fashion, Fflur Roberts, Head of Luxury Goods at London-based market research and intelligence firm, EuroMonitor International told us. The sharing economy, which offers access rather than ownership as the main objective, has the potential to impact across sectors. Designer apparel and accessories is particularly well suited for sharing consumption models, due to its high value and low usage. The average Rent the Runway customer is anywhere between 25 to 35-years- old and according to Hyman, 98 % of them have never purchased a high-end designer label. Objectively this should be a threat to a traditional retailer such as Neiman Marcus but Hyman claimed the RTR model is actually helping drive traffic into their stores, There is a 25 year age gap between the average Neiman Marcus and Rent the Runway customer.

For the original version including any supplementary images or video, visit http://observer.com/2016/12/renting-out-fashion-could-save-department-stores/

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REFILE - CORRECTING IDENTITYAdriano Juca, Diretor Legal of Construction Norberto Odebrecht (CNO), exits federal court after it was agreed that Odebrecht and petrochemical company Braskem would pay a settlement with the Justice Department in Brooklyn, New York City, U.S., December 21, 2016. REUTERS/Andrew Kelly foreign bribery law after an investigation involving political kickbacks at Brazil's Petrobras unearthed the bribery scheme. The huge penalty was negotiated as part of a broad settlement with U.S., Brazilian and Swiss authorities. Some of the hundreds of millions of dollars used in bribes to secure lucrative business deals flowed through the American banking system and some of the schemes were planned in the United States, enabling U.S. authorities to claim jurisdiction in the case. Odebrecht is Latin America's biggest engineering firm. Braskem, the region's biggest petrochemical producer, is jointly owned by Odebrecht and Petrobras. Their guilty pleas were the first in the United States following a nearly three-year investigation in Brazil dubbed "Operation Car Wash" into corruption at Petrobras, which has led to dozens of arrests and political upheaval in Brazil. The total fines and penalties to be paid out by the companies exceeded a 2008 agreement in which German engineering company Siemens paid $1.6 billion to U.S. and European authorities for paying bribes to win government contracts. Odebrecht and Braskem were charged with conspiring to violate the U.S.