Model Principle rented out designer garments for a flat charge of S$89 a month
Style Theory, a Singapore-based garments rental platform, has shut down, citing rising operating costs and the withdrawal of “key” investors.
The corporate terminated all its providers, together with membership, help, rental, and supply inside Singapore as of Sept 30, following the closure of its Indonesia business in June.
As well as, energetic subscribers of the platform is not going to obtain refunds for unused parts of their membership plans. Prospects with rented attire had been instructed to maintain the gadgets “till additional discover”, the rental platform stated.
These holding on to rented luggage had been requested to return them, as they’re both company-owned or consigned by particular person house owners and therefore topic to possession and consignment agreements.
Consignors of attire who’ve pending payouts is not going to obtain them immediately. As an alternative, they’ll file a declare with the proposed liquidators at an upcoming collectors’ assembly, who will likely be named through the assembly.
“As the corporate will likely be positioned into liquidation, we aren’t capable of difficulty payouts immediately,” the corporate stated on its web site.
Based in 2016 by a pair, Raena Lim and Chris Halim, Model Principle rented out clothes and style equipment by way of its app, providing clients entry to over 60,000 designer styles for as little as S$89 per 30 days.
Second Edit, a luxurious bag and girls’s put on platform underneath Model Principle, has additionally closed store.
Model Principle was backed by numerous buyers together with Alpha JWC Ventures, Quest Ventures, The Paradise Group, and SoftBank Ventures Asia. Its final fundraising was in 2019, when it secured US$15 million in a Collection B spherical.
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