Ralph Lauren has launched a new clothing rental service called ‘The Lauren Look.’ As per Fox News, the new platform offers fashionatas the chance to rent an "ever-evolving" selection of women’s wear from Lauren Ralph Lauren brand for $125 a month. The chosen selections are shipped out to the shopper to rent, try or buy.
The service allows the brand to explore an entirely new model tapping into the growing focus on the sharing economy and revolutionizing how it looks at fashion consumption, said David Lauren, Chief Innovation and Branding Officer.
The sustainable service will also give back, as the clothes will be donated to the nonprofit Delivering Good for those in need once they've reached their rental cap. Like many luxury brands, Ralph Lauren has struggled during the coronavirus pandemic with continued store closures and diminished global demand, Reuters reports. The brand’s net revenue plunged to $1.43 billion in the third quarter ending December 26, 2020.