Ralph Lauren 'first' luxury brand to start a clothing rental business
Frugal fashionistas can rent an evolving selection of womenswear for $125 a month
{{#rendered}} {{/rendered}}Will this finally get us out of our sweatpants?
Ralph Lauren has announced a new clothing rental service hailed as a first for a luxury brand.
The New York fashion house is peddling a program called "The Lauren Look," offering frugal fashionistas the chance to rent an "ever-evolving" selection of womenswear apparel from its Lauren Ralph Lauren brand for $125 a month.
{{#rendered}} {{/rendered}}A model walks the runway at the Ralph Lauren Fall 2019 Collection at William and Wall in September 2019 in New York City. (JP Yim/Getty Images)
GOODWILL DONOR IN TEXAS ACCIDENTALLY LEAVES $5,000 IN JACKET, GETS IT BACK WEEKS LATER
Much like Rent the Runway, chosen selections are shipped out to the shopper to rent, try or buy.
"With unlimited monthly box exchanges and free shipping, you can try and wear new looks all month long," the company said in a Tuesday news release, claiming the move makes RL "the first luxury brand to pioneer a fully articulated rental model."
{{#rendered}} {{/rendered}}The Lauren Look's website, pictured. Much like Rent the Runway, chosen selections are shipped out to the shopper to rent, try or buy. (Ralph Lauren)
"The Lauren Look allows us to explore an entirely new model tapping into the growing focus on the sharing economy and revolutionizing how we look at fashion consumption," said David Lauren, Chief Innovation and Branding Officer. "Launching with Lauren, our most widely distributed and accessible brand, is a testament to the growth we see in this space and will help us further anticipate the evolving needs and makeup of our consumers’ future closet."
A shot of the Ralph Lauren store at 888 Madison Avenue in New York City. Like many luxury brands, the fashion house has struggled during the coronavirus pandemic with continued store closures and diminished global demand. (Ralph Lauren)
CLICK HERE FOR FOX NEWS' CONTINUING CORONAVIRUS COVERAGE
The sustainable service will also give back, as the clothes will be donated to the nonprofit Delivering Good for those in need once they've reached their rental cap.
{{#rendered}} {{/rendered}}Like many luxury brands, Ralph Lauren has struggled during the coronavirus pandemic with continued store closures and diminished global demand, Reuters reports. According to the outlet, net revenue plunged to $1.43 billion in the third quarter ending Dec. 26, 2020.