LK Bennett launches fashion rental, targets new and existing customers
LK Bennett is this week launching the fashion rental service that was announced earlier in the year. LK Borrowed, its first-ever monthly subscription rental service, debuts on 27 July and allows shoppers “to rent some of our most popular pieces from our collections”.
News that it was entering the ever-growing rental segment came in April when it was announced that the womenswear specialist (as well as menswear specialist Moss Bros) was teaming up with US-based B2B rental tech platform CaaStle. Moss Bros launched its own rental service back in April with LK Bennett’s flagged for late summer.
So how will it work? Each month, rental customers will be charged £79 and will be able to rent two ready-to-wear products at a time, with up to eight swaps throughout this period. Each piece will be available in sizes 8-16.
The company said that “this will allow our customers to have an endless stream of beautiful quality products to wear, whilst limiting the environmental impact of fashion, through a rotating wardrobe”.
It added that the new move means it’s “providing the option to wear fantastic quality clothing at a more affordable price”.
Importantly, CEO Darren Top said: “This new rental offering will attract a new customer base to LKB, as it will satisfy those seeking a more sustainable way of shopping. We don't see this replacing core e-commerce, but rather complementing it and adding choice.”
He added that those who can't afford or don't want to spend the amount required to own an LKB item can now wear an LKB outfit for a special occasion. And existing LKB fans can “rotate their wardrobe regularly and get fresh items for their everyday wardrobe”.
Rental has increasingly been making its presence felt in the higher-end fashion sector and it’s particularly important for the occasion dressing in which LK Bennett specialises.
Both fashion retailers and hire specialists are focusing attention on the rental segment that’s happening both in physical stores and online.
For the hire specialists, tech is hugely important and has created huge opportunities for tech rental businesses such as the CaaStle platform that powers the Moss Bros and LK Bennett rental services.
When that company announced its deals with the two Uk firms back in April, it also said it was planning further rental services in the UK market for this year.
CaaStle also powers subscription-based rental services in the US for names such as Vince, Rebecca Taylor, Express, Banana Republic, Destination Maternity, and Walmart's Eloquii.
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