Online clothes rental platform Style Theory shuts down; no refunds given to subscribers
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Retail and rental apparel platform Style Theory had carried bags, apparel and designer items from international brands.
PHOTO: STYLE THEORY
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SINGAPORE - Singapore-based online clothes rental platform Style Theory announced its closure on Sept 30, citing rising operating costs and withdrawal of key investors as some of the causes.
The platform offers both one-time clothes and bags rental services, as well as membership plans that allow members to rent a fixed number of pieces per month for a monthly fee, ranging from $89 to $149.
All rental, delivery, membership, support and services have been discontinued as at Sept 30, according to Style Theory’s website.
Active subscribers of the platform will not receive refunds for unused portions of their plans. Those holding on to rented apparel pieces were asked to hold on to them until further notice, said the rental platform.
Those holding on to rented bags were asked to return them, as they are either company-owned or consigned by individual owners.
Consignors of apparel who have pending payouts will also not receive them directly, said Style Theory.
“As the company will be placed into liquidation, we are not able to issue payouts directly,” the company said on its website.
Consignors who are owed amounts will be treated as creditors of the company. They may file a claim with the proposed liquidators’ team once it is formally appointed at the upcoming creditors’ meeting, according to Style Theory.
A Style Theory subscriber who wants to be known only as Ms Low, 40, told The Straits Times she felt blind-sided by the sudden closure.
“I happened to check the app to order my next box and saw that I’ve been unsubscribed.
“After finding no way to ‘resubscribe’ myself, I went to Instagram and saw the closure notice,” the financial consultant said, adding that she had paid through Oct 18 but would not be refunded for the unused portion of her monthly plan.
Ms Low said she found the rental services useful because “circular fashion makes so much sense, especially for clothes you don’t wear regularly, like occasion wear and seasonal pieces like winter wear”. Renting everyday clothes also provided her access to a variety without the need to store them at home.
In the weeks leading up to the closure, she had noticed a limited selection of clothing, but assumed it was due to an ongoing warehouse sale. The abrupt end to the service was disappointing, especially since there had been no prior communication about it.
Style Theory is a non-unionised company, but some of its workers are members of the Singapore Industrial and Services Employees’ Union (SISEU), said SISEU executive secretary Desmond Tan.
The NTUC and SISEU will help affected members and workers transition into new jobs, he said.
Affected workers can be connected to the NTUC’s Employment and Employability Institute’s (e2i) job matching services, career coaching and skills upgrading advisory.
Those who are Singaporeans can also receive temporary financial support of up to $6,000 over six months under the SkillsFuture Jobseeker Support scheme by participating in e2i’s job search activities.
They are encouraged to contact SISEU for assistance via email at or by phone on 6220-3345 during working hours.
Style Theory was backed by investors like Alpha JWC Ventures, Quest Ventures, The Paradise Group and SoftBank Ventures Asia, reported Tech in Asia.
The closure of the Singapore operations comes after Style Theory ended its Indonesia services on June 9. In a Facebook post, the company had said shuttering the Indonesia arm is part of a broader shift in its global strategy, as it wanted to focus on building a stronger foundation in Singapore and Hong Kong – given its leaner team after Covid-19.
The Business Times reported in August 2020 that Style Theory had conducted several waves of layoffs that year, affecting its staff in Singapore and Indonesia.
