Banana Republic is the latest fashion label to invest in the clothing rental business.
The Gap, Inc.-owned brand is rolling out an online subscription service for its womenswear category entitled ‘Style Passport.' The concept, which will roll out in the US in September, will let clients rent up to three garments per month for a flat fee of $85. The price covers priority shipping, unlimited exchanges and returns, and complimentary laundering service -- and shoppers will have the option of purchasing any pieces they decide they'd like to keep.
"Style Passport will drive incremental revenue, and help us connect with younger shoppers who appreciate great style and want an affordable, sustainable way to try new fashion," explained Mark Breitbard, CEO and President of Banana Republic, in a statement. "With this new service, we'll gather valuable insights from a highly interactive customer base that can be used to design future product and experiences."
Banana Republic has teamed up with the rental technology platform CaaStle on the concept, and hopes to launch a similar initiative for menswear in the future.
Clothing rental services have exploded in popularity over the past few years as fashion brands aim to appeal to increasingly environmentally-conscious shoppers. High-end subscription service Rent the Runway has been leading the way for some time, but recent additions to the sector include Urban Outfitters, which launched a subscription service called ‘Nuuly' this summer, while the department store Bloomingdale's recently revealed plans to launch its own rental service, "My List at Bloomingdale's," in September.