Womenswear specialist, LK Bennett, is set to launch its fashion rental service called LK Borrowed this week. This monthly subscription rental service allows customers to rent popular pieces from the brand’s collections. The company’s collaboration with US-based rental tech platform CaaStle was announced in April, signaling LK Bennett’s entrance into the rental market following the launch of Moss Bros’ rental offering earlier in the year.
So how does LK Borrowed work? Customers can sign up for the rental service at a cost of £79 per month. They will have the option to rent two ready-to-wear products at a time and can exchange them up to eight times throughout the month. The rental pieces will be available in sizes 8-16.
One of the key selling points of LK Bennett’s rental service is its environmental benefits. By renting clothing, customers can enjoy a rotating wardrobe of high-quality products while reducing the fashion industry’s impact on the environment. In addition, the brand sees the rental service as an opportunity to provide more affordable options to customers. CEO Darren Top believes that this new offering will appeal to a new customer base who are seeking a more sustainable way of shopping. Top clarifies that LK Bennett’s e-commerce platform will not be replaced but rather complemented by the rental service, offering customers more choice. The rental service is also an excellent opportunity for those who can’t afford or don’t want to purchase LK Bennett items to wear the brand for special occasions. Existing LK Bennett fans can also utilize the service to regularly update and refresh their everyday wardrobe.
The rental market has gained popularity in the higher-end fashion sector, particularly for occasions where dressing up is required – which is LK Bennett’s specialty. Both fashion retailers and rental specialists are focusing on this segment, both in physical stores and online. Technology plays a crucial role in the success of these rental services, with platforms like CaaStle enabling companies such as Moss Bros and LK Bennett to offer these services. CaaStle also powers subscription-based rental services in the US for various well-known brands.
LK Bennett’s venture into the fashion rental market represents a strategic move to meet evolving customer preferences and tap into the growing demand for sustainable fashion options. The rental service allows the brand to attract new customers while also providing existing customers with more choices for their wardrobe. As the fashion industry continues to embrace sustainability, rental services are becoming a vital component of its future.
Useful links:
– CaaStle website
– Moss Bros website
