Clothing rentals are growing in popularity as more and more people embrace flexibility.

As an analyst at international consulting firm McKinsey, Fiona Shen earns a salary that is twice as much as her friends and can afford to buy whatever catches her fancy.

But one would rarely find the 31-year-old Shanghai native in a mall shopping for new clothes she simply rents them.

For the past three years, Shen has been saving money and wardrobe space by subscribing to a clothing rental service for 500 yuan ($72.7) a month. As part of this package, she receives two to three items of clothing that are in line with the latest trends every week. Shen's only clothing purchases these days are limited to cashmere sweaters and silk dresses, items which she says are worth owning.

According to her, the main reason she has adopted this approach is the convenience and flexibility it affords.

"Nowadays, when I am traveling for business meetings, I don't even bring clothes. I would simply have the rental platform deliver the garments to my hotel before the trip. I'd then return them without having to go through all the hassle of doing laundry," she says.

"I think women just need different clothes instead of new clothes. I don't need a closet that is larger than necessary to prove myself. My professional achievements are my most glittering accessories," she adds.