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.
As the German sportswear giant taps surging demand for its Samba and Gazelle sneakers, it’s also taking steps to spread its bets ahead of peak interest.
A profitable, multi-trillion dollar fashion industry populated with brands that generate minimal economic and environmental waste is within our reach, argues Lawrence Lenihan.
RFID technology has made self-checkout far more efficient than traditional scanning kiosks at retailers like Zara and Uniqlo, but the industry at large hesitates to fully embrace the innovation over concerns of theft and customer engagement.
The company has continued to struggle with growing “at scale” and issued a warning in February that revenue may not start increasing again until the fourth quarter.