Banana Republic Introduces Clothing Rental Service, Style Passport
Update your wardrobe without depleting your bank account...
Imagine being able to constantly update your wardrobe each month with new pieces, without having to spend a whole lot of money. Sounds too good to be true, right? Well, Banana Republic is making that a reality next month with the launch of its new clothing rental service, Style Passport.
Announced over the weekend, the new service will allow customers to rent up to three pieces at any one time for a monthly fee of just USD$85. According to a press release from the brand, customers will have the option to “keep and purchase any favourite item” and the fee includes priority shipping, unlimited exchanges and returns and complimentary drycleaning. Customers will be able to choose from around 100 or so items each month.
Mark Breitbard, the company’s CEO and President, said of the launch, “We’re constantly evolving with our customer, meeting her where she is shopping. 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. 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.”
The US chain is the latest in an increasing number of retail brands to introduce rental, with Urban Outfitters, Loft and Bloomingdale’s all having launched similar services in recent months. It’s not a surprising turn of events, given the ever-fickle consumer, a renewed focus on sustainability in the industry and the revenue potential rental programs offer. Rent The Runway, the pioneering site for clothing rental, pulled in upwards of $100 million in revenue last year alone and the company was valued at $1 billion earlier this year.
Banana Republic’s Style Passport program will launch in the US at the end of September with plans to expand the offering to its menswear customers following that. There’s no word yet on whether or not the service will be made available here in Canada. Stay tuned to FASHION for updates.