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What problem does your solution solve?
A teen girl’s social calendar includes numerous formal events that require
dressing up: Proms, Quinceañeras, Homecoming dances, Bat Mitzvahs, and birthdays
to name a few but buying a new dress for every special event is
just not practical. Shopping for the perfect dress can be extremely tedious, time-consuming, and frustrating. Teen girls also tend to outgrow their clothes quickly, resulting in expensive barely-used dresses occupying closet space after limited use.
PromElle is the first and only solution that offers teen girls an easy, simple and quick way to lend out their barely used dresses and make money AND rent trendy, quality dresses at a fraction of the retail price, right from their smartphones.
What’s the market potential for your solution?
PromElle will primarily target teen girls ages 13-19. This demographic is accustomed to using shared services such as Uber, AirBnB, Netflix, etc., and is hence familiar with the “no
ownership” rental model.
With the emergence of online and mobile players, fashion rental for women is attracting
consumers from all economic levels. A recent Pew Research report on “Teens, Social
Media, and Technology” shows that PromElle’s addressable market - teen girls in the
US with a smartphone, is approximately 20 million in the US alone. Assuming an
average price per dress rental of $30 and an average number of 5 rentals per user,
yields a market opportunity of $3 Billion! Given the fact that fashion “rental” penetration
is still relatively non-existent for the teen demographic, this presents a significant and
exciting, untapped opportunity for PromElle.
Who are your customers?
The PromElle app is available on the App store. Teen girls who own an iPhone can download the app for free
How will you reach your customers?
We will market through Social Media, High School Ambassador program, Google Adwords etc
How will you make money?
PromElle's revenue is 25% of the rental price of each dress
What kind of partners will you need to make, support and distribute your solution?
Partnerships with celebrity teen influencers who can help spread the word and endorse the app.
What will your expenses include?
Development and Marketing
Who is your competition and how do you differ?
Rent the Runway, Curtsy and StyleLend - our closest competitors are all focused on the adult women's segment.