Rebecca Minkoff Offers Borrow Button That Allows Customers to Rent Without a Subscription
High-end retailer Rebecca Minkoff has begun offering hundreds of clothing items on its website for rent without requiring a membership in a subscription service like those offered by some other fashion companies. The service is enabled through technology from CaaStle, which has created rental-subscription programs for companies such as Express. CaaStle's offering, called BORROW, allows customers to wear items as many times as they would like during a rental period with the option to buy at any time. At the end of the pre-paid period, they can either return the items or continue with a daily fee to extend the rental. Rebecca Minkoff customers will be able to rent clothing for two weeks, and the cost will be about 25 percent of the product’s retail price. After that period, they can continue renting the item for about 3 percent to 4 percent of the original retail price each day; buy it at a discounted rate of about 25 percent to 80 percent off retail price; or return it. CaaStle's longtime partner, Vince, will launch BORROW across its men's and women's apparel in the coming weeks. In addition, Rebecca Taylor will introduce BORROW for its women's assortment this summer.
Total Retail's Take: Rental commerce is becoming a no-brainer for many retailers right now. Rebecca Minkoff, for example, opted for this service because it wanted to give its customers an easy way to get its designer clothing and handbags without committing to a purchase or a subscription, especially as workplaces and other social venues reopen, Uri Minkoff, chief executive and co-founder of Rebecca Minkoff, told The Wall Street Journal. “This enables her to have a lowered financial commitment, have that fresh wardrobe — even if it’s for a couple of weeks — and then kind of keep trading in and out," he said.
It also enables Rebecca Minkoff to eliminate the middle man. "We've been looking to work with CaaStle and bring rental to our customers to offer more consumers the opportunity to experience our clothing directly from our e-commerce site while staying within our native environment," Minkoff said.
Lastly, there's the issue of sustainability: A waste-free wardrobe is appealing to consumers, as rental expands the lifespan of garments compared to buying and wearing what’s in your closet a few times.