The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK, United States — Rent the Runway is adding a less expensive option for its fashion rental service.
The company, founded in 2009, said Monday that will offer a service called RTR Update, which will cost $89 per month and will include four fashion pieces delivered from more than 200 top brands, including Milly and Tory Burch.
RTR Unlimited customers get access to more than 500 top designer brands including Derek Lam and Proenza Schouler. They can rent four items at a time and exchange and choose new items as many times as they like. But the price for that service will increase to $159 per month for new members, up from $139. Existing RTR Unlimited members get to keep the original price.
The category’s biggest brands by market capitalisation report results this week, and will need to show they have a plan to fend off fast-growing competition.
By investing in an elevated product and shopping experience, Spanish retailers Inditex and Mango are seeing tremendous growth despite fierce competition from the likes of Temu and a cash-strapped consumer.
The ByteDance-owned app’s e-commerce play has been met with mixed response from users. Still, sales seem to keep ticking up.
The fashion resale company finally became profitable last year, but it was at the cost of losing consignors who complain that reselling is no longer as lucrative as it once was on the platform.