Ralph Lauren, the iconic American fashion brand, recently introduced a new apparel rental subscription service dubbed 'The Lauren Look.' The new innovation from the luxury brand allows consumers to experiment and engage with the brand through a new channel.
"Consumers today are taking a different approach to experiencing brands and building their wardrobes. The closet of the future will include a mix of new seasonal fashion, unique customized pieces and wardrobe staples, alongside pre-owned and rented clothing. With our timeless aesthetic, we are incredibly well positioned to play across each of these categories," said Patrice Louvet, President and Chief Executive Officer.
The Lauren Look memberships start at $125 USD per month, enabling consumers to curate a personalized closet with new looks from the brand.
Fashion Rental Subscription Services
American Brand Ralph Lauren Introduced ‘The Lauren Look'
Trend Themes
1. Fashion Rental Subscription Services - Luxury fashion brands are venturing into the fashion rental subscription services, allowing consumers to experiment with fashion and engage with brands through a new channel.
2. Wardrobe-as-a-service - Consumers are gravitating towards Wardrobe-as-a-Service models that offer a mix of new seasonal fashion, unique customized pieces, and wardrobe staples, alongside pre-owned and rented clothing.
3. Personalized Closet - Personalized-online closet services that provide curated outfits or wardrobe recommendations based on customer preferences, purchase history, and occasion are in high demand.
Industry Implications
1. Fashion Industry - Luxury fashion brands, in particular, can leverage fashion rental subscription services as a viable business model to increase customer engagement, reduce excess inventory, and attract younger, eco-conscious consumers.
2. Sharing Economy Industry - The rise of fashion rental subscription services is emblematic of the sharing economy trend where customers place less emphasis on ownership of assets and more on access to them on an as-needed basis.
3. Retail Industry - Robust online platforms with excellent customer service that offer curated, personalized experiences when building a wardrobe will increasingly disrupt traditional retail stores and may force them to adopt similar business models.