Brolly bad show: Chinese sharing startup loses 300,000 umbrellas

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Despite Sharing E Umbrella’s initial setback, the company’s founder still plans to roll out 30 million umbrellas across China by the end of the year

In China the sharing economy seems to have met its match after a startup that rented umbrellas in 30-minute blocks lost nearly all of its stock in just three months.

The company Sharing E Umbrella required a deposit of £2.20 per umbrella and charged about 6p for every half an hour of use, deducted from a minimum top-up of £1. Each GPS-enabled umbrella cost the company about £6.85.

Related: Uber for bikes: how ‘dockless’ cycles flooded China – and are heading overseas

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Source: china
Link : Brolly bad show: Chinese sharing startup loses 300,000 umbrellas

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