Making big money out of a fashion dilemma
Turning unwanted clothes into cash
Fashion can be a high stakes business, and not just for those who dress completely wrong for every occasion.
Fashion retailers often have to guess what trends their customers will want to buy up to eight months before the clothes hit the shelves.
The brands who make the wrong call will end up with a lot of excess stock, which can be very expensive. Filipa Neto, co-founder and managing director of UK-based Chic by Choice turned this problem in to an opportunity.
Neto’s company takes these unwanted garments - from cocktail dresses to suits - and rents them out to people for a fraction of what it would cost to buy. Her strategy is working — Chic by Choice has grown by 30% every month.
Click on the arrow above to find out how Neto did it.