Online fashion rental company Style Theory closes

After years of providing online clothes rental services, Style Theory will be shuttering for good. 

The Singapore-based company announced the news on its social media platforms and website on Wednesday (Oct 1).

The company also added that it had closed its subscription service as of Sept 30, with all rental, delivery, membership, support and services also discontinued. 

"This was not a decision made lightly. When we started Style Theory, our mission was simple yet ambitious - to make fashion more sustainable, accessible, and circular," said founder Raena Lim. 

"Unfortunately, despite our best efforts, the current economic climate has made it increasingly difficult for us to sustain our operations. Amid rising costs and unexpected changes beyond our control — including the withdrawal of key investors — we were no longer able to sustain the service in a way that honored the standards you deserve." 

 

 

 

 

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A post shared by Style Theory Singapore (@styletheorysg)

Raena added that Style Theory had explored every possible alternative before arriving at this decision and the company was aware that the news "may come as a shock". 

"We are deeply sorry for the suddenness of this news and for any disappointment it brings," she shared. 

She also thanked its customers who have supported the brand. 

According to its website, while all subscriptions will automatically end as of Sept 30, Style Theory is unable to provide refunds for "unused portions" of subscribers' plans. Customers are also advised to "hold on to any apparel pieces" currently with them until further notice.

The brand also urged customers to return any rented bags as these are either company-owned or consigned by individual owners. To do so, customers can email consignment.st@gmail.com and an employee will guide them through the return process.

Those with consigned bags may also have issues with their payouts. 

Style Theory shared that as the company will be placed into liquidation, it is not able to issue payouts directly.

Consignors who are owed amounts will be treated as creditors of the company and are advised to file a claim with the proposed liquidators' team from RSM once they are formally appointed at the upcoming creditors' meeting, according to the company.

Those with queries can contact the proposed liquidators' team at advisory@RSMSingapore.sg, and further instructions on the claims process will be provided after the appointment is confirmed.

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melissateo@asiaone.com