NEW GEN Z 101: Unlock & Outlast Microtrends

Brands are making a play for young shoppers with apparel renting options.

Jul 13 2021

Brands are making a play for young shoppers with apparel renting options. As brands continue buying into the rental economy, Rebecca Minkoff is now offering a “borrow” option using technology platform CaaStle. Unlike Rent the Runway and Stitch Fix—which shoppers have to subscribe and pay for—Minkoff’s borrowing option doesn’t require a flat fee; it lets consumers shop as they normally would, minus paying top dollar as the pieces they choose are being rented for a specific time period. Vince and Rebecca Taylor are also trying out a “borrow” service, and the founder and CEO of CaaStle notes apparel renting services can help brands reach more shoppers: “If you think about what percentage of the population can afford a $300 or $400 jumpsuit, you are really talking about the 1%.” For young shoppers who are interested in higher-end fashion brands but can’t afford to drop top dollar, the “borrow” option is a major opportunity for brands to reach them where they’re at. As subscription service models continue to pop up, Minkoff notes that people are starting to have too many options, making the model unsustainable for the long term, and 54% of Gen Z feel brands should be making their products more reusable according to YPulse’s sustainability research. (CNBC)