Vince is launching Borrow, a service that allows consumers to rent items from the Vince collections for men and women without subscription fees, WWD has learned.
A Borrow ad, described by Vince officials as “a first rental experience for men and women in the market” within the brand’s e-commerce site, is expected on Tuesday.
Vince already operates his Vince Unfold rental service, although this is only for women’s merchandise and requires a monthly subscription of $ 160. Vince Unfold was launched in 2018 and was the first clothing subscription service to be offered by a retail brand in the advanced contemporary market.
Vince Unfold and Borrow are powered by CaaStle, a platform that manages all aspects of subscription activities for retailers, including what’s on the website, databases, algorithms and analytics. CaaStle has distribution centers for shipping and receiving garments equipped with garment care and cleaning systems. All that is required of the retailer or brands is inventory. Other retailers that work with CaaStle include Express, Banana Republic, and Destination Maternity.
Borrow’s launch indicates that Vince’s rental business has paid off and parent company Vince Holding Corp. believes the new Borrow format should attract additional shoppers eager to rent, rather than buying fashion, because there are no monthly subscription fees and because Borrow offers fashions for both sexes as well as inclusive sizes.
Unfold allows customers to rent four items at a time for as long as they want. Items must be returned before a new set of four rental items can be received.
“Borrowing is the perfect equation of low risk, high reward fashion, and I think it’s a critical step in helping us expand our reach and connect with a new generation of Vince customers,” Vince said said Jack Schwefel, CEO of Vince. “With Borrow, the CaaStle team have created a seamless rental experience that is fully integrated with Vince.com, and I am confident this additional service will resonate with buyers and encourage them to engage with the brand. new and exciting way. “
Borrowing allows customers to wear items as many times as they want during the rental period for a fraction of the retail price. There is also the option of purchasing the item. The charge is a fixed percentage of the current retail price of an item with an initial rental period of 14 days. Each item borrowed includes free priority shipping and returns, and free dry cleaning. At the end of the prepaid period, they can either return the item or continue with a daily fee to extend the rental.
“In addition to the women’s collection, we’re excited to bring the Borrow program to the men’s category with our longtime partner, Vince,” said Christine Hunsicker, Founder and CEO of CaaStle. She called Vince Unfold “very successful,” noting that Borrow gives customers even greater access to the brand beyond subscription rentals.
Borrow, available on Vince.com, shows styles available for rental in the full assortment, including collections for women, men and inclusive sizes. If a style is available, the button will appear. Availability will change as items are returned, so if a particular style or color is not available at any given time, customers are encouraged to return.
Vince is part of Vince Holding Corp., a portfolio of contemporary fashion brands that also includes Rebecca Taylor and Parker.
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