Singapore-based clothing rental platform Style Theory, once a promising name in sustainable fashion, has announced its closure after nine years of operation.
The company, backed by SoftBank Ventures Asia, cited escalating operating costs and the withdrawal of key investors as primary reasons for the shutdown, as reported on September 30, 2025.
The Rise and Fall of Style Theory
Founded in 2016 by Chris Halim and Raena Lim, Style Theory aimed to revolutionize the fashion industry in Southeast Asia by offering a subscription-based rental model for designer clothing and accessories.
The platform quickly gained traction, amassing over 400,000 users across Singapore, Indonesia, and Hong Kong with its innovative 'Netflix-for-fashion' approach.
Financial Struggles and Investor Challenges
In 2019, Style Theory secured US$15 million in Series B funding led by SoftBank Ventures Asia, a significant boost that fueled its regional expansion.
However, the company faced ongoing challenges, including a lawsuit from a laundry vendor in 2021 over alleged negligence, which hinted at deeper operational issues.
Recent reports indicate that rising costs in logistics and maintenance of inventory became unsustainable, ultimately leading to the closure decision.
Impact on Subscribers and Sustainable Fashion
Subscribers have been left in the lurch, with Style Theory announcing no refunds for active memberships, sparking frustration among its loyal user base.
The shutdown also raises questions about the viability of clothing rental models in the region, a sector once hailed as a cornerstone of sustainable fashion.
For many young women in Southeast Asia, Style Theory was a gateway to affordable access to high-end fashion, reducing the environmental footprint of fast fashion.
Looking Ahead: What’s Next for the Industry?
As Style Theory exits the market, competitors and new entrants may face similar hurdles unless innovative cost-cutting measures or alternative funding models are adopted.
The closure serves as a stark reminder of the delicate balance between sustainability goals and financial realities in the fashion rental industry.
Alfred Lee
