Starting next month, Banana Republic will begin leasing women's clothing.
An American clothing and accessories retailer owned by an American multinational Gap Inc., said it would launch an online subscription service for women's clothing at the end of September. It will be called the Style Passport and will initially operate exclusively in the United States. As for menswear, according to the press release, it will be added "at a later date."
Style Passport subscribers pay a flat monthly fee of $85 and can purchase any item. The service includes three pieces of clothing at a time, free shipping and cleaning services, and unlimited exchanges and returns. Like many clothing retailers that already offer similar services, like Macy's department store chain Bloomingdale's, Banana Republic has partnered with tech rental platform CaaStle. Retailers such as Urban Outfitters, Ascena Retail Group (for Ann Taylor and Loft brands) and American Eagle also work in this direction. Well, as for the Rent the Runway company, it generally began its activity with a lease.
The idea of renting clothes is gaining more and more attention. The willingness of consumers (mostly young people) to give up owning more things has already prompted several brands to develop rental models. Banana Republic's head of brand Mark Breitbard said the Style Passport will also boost the label's sales. Indeed, thanks to the new service, there will be a unique opportunity for direct interaction with consumers, which will allow you to always be aware of their preferences. This will provide the company with valuable advice that can be used in the development of future products.