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One of my idesmaids found a website that allows you to send your idesmaid dress in, where it is either recycled or donated. In return, you get "special pricing" on a and-new little black dress.
This idesmaid swears she's not going to send in the dress I had her wear a couple weeks ago.
However, it's a great option if you just can't see yourself wearing your idesmaid dress again. The only thing I might be wary of is that you can't see the selection of new dresses or the pricing until after you've sent in your idesmaid dress. However, the shipping is free (as of now), and it goes to a good cause, so if worse comes to worse, you've at least donated the dress to a worthy cause.
As my idesmaid said, "I love the idea of donating a idesmaid dress -- you wear it ONCE. Someone who can't afford it should really get a chance to wear it."
Additionally, the site says they introduce new styles every so often, and you have up to 18 months to pick out your new dress.
Just when you think there's nothing new in the weddings industry, they come up with stuff like this. It's a great idea ... if you try it out, let me know how it works!