Style Theory, a Singapore-based online clothing rental platform, has recently ceased operations due to increasing operational costs and the departure of its key investors.
Established in 2016, Style Theory functioned as an online rental platform that operated on a subscription basis. For monthly fees ranging from $89 to $149, it provided its customers with access to designer clothing and fashionable accessories via its proprietary app.
The company announced on its online platform that it discontinued its subscription service as of September 30. All related services including rental, delivery, membership, support among others, were also discontinued. Customers were alerted that unused points would not be refunded and they could retain any rented items indefinitely.
The firm will go into liquidation, and those owed money will be classified as creditors. The economic climate, which the company describes as increasingly challenging, along with rising costs and unforeseen circumstances, including the withdrawal of key investors, were cited as the main factors behind this decision.
Style Theory was supported by notable investors including Alpha JWC Ventures, Quest Ventures, The Paradise Group, and SoftBank Ventures Asia.
The decision to shut down was not taken lightly, as stated by the founders. The main mission of Style Theory, since its inception, was to make fashion more sustainable, accessible, and circular. The unexpected discontinuation of services is regrettable, and the company sincerely apologizes for any disappointment caused. The founders assured that every possible alternative was considered before reaching this conclusion.
This closure follows the shut down of the company’s operations in Indonesia in June. The company stated at that time that it wanted to concentrate its resources on strengthening its foundations in Singapore and Hong Kong.
Why has Style Theory ceased operations?
Style Theory has ceased operations due to escalating operational costs and the departure of key investors.
What happens to the customers who have unused points?
Customers were informed that their unused points would not be refundable. They can, however, keep any items they have currently rented indefinitely.
What was the primary mission of Style Theory?
The primary mission of Style Theory was to make fashion more sustainable, accessible, and circular. The company aimed to achieve this through its online rental platform.
