Banana Republic recently announced to launch an online women’s apparel subscription service in the U.S at the end of this September following the wave of leading brands and department stores that hasstarted their own online clothing rental subscriptions to reach younger shoppers who want to borrow their pants, shirts and dresses in recent time.
Banana Republic’s move into a rental subscription is part of a broader shift among traditional companies trying to capitalize on rapid growth in the niche market. The clothing rental market is estimated at around $1 billion today and will hit $2.5 billion by 2023, according to GlobalData Retail.
The monthly subscription, “Style Passport,” will cost $85 a month and women can rent three different pieces from the brand at a time. Customers will be able to choose from around 100 different styles a month and can opt to buy any of the items. Banana Republic says it plans to add a rental program for men in the future. With foot traffic to malls and brick-and-mortar stores slowing, Banana Republicis searching for ways to evolve and as per the company a rental service will attract new customers, expand existing customers’ spending and help Banana Republic remain relevant.In addition, The brand said it will begin offering buy online, pick up in-store this fall.