Starting next month, Banana Republic will start renting women's clothing.
The U.S. retailer of clothing and accessories, owned by the U.S. multinational corporation Gap Inc., said it would launch an online subscription service to rent women's clothing at the end of September. It will be called Style Passport and will work initially exclusively in the U.S. As for men's clothing, according to the press release, it will be added "later."
Style Passport subscribers pay a fixed monthly fee of $85 per month and can purchase any product. The service includes three items of clothing at a time, free shipping and cleaning services, as well as unlimited exchange and return. Like many clothing retailers who already offer similar services, such as Macy's Bloomingdale's department store chain, Banana Republic has become a partner in CaaStle's technology rental platform. Retailers such as Urban Outfitters, Ascena Retail Group (for Ann Taylor and Loft brands) and American Eagle also work in this direction. As for Rent the Runway company, it started its activity with rent.
The idea of renting out clothes attracts more and more attention. The willingness of consumers (mainly young people) to give up possession of a large number of things has already prompted several brands to develop rental models. Mark Breitbard, the head of Banana Republic brand, noted that Style Passport would also allow increasing label sales. Thanks to the new service, there will be a unique opportunity for direct interaction with consumers, which will always keep abreast of their preferences. Thanks to this, the company will receive valuable advice that can be used in the development of future products.
19 AUGUST 2019, USA