Derek Lam is getting into the rental business.
The designer firm has partnered with CaaStle, the business-to-business rental technology and logistics platform for fashion brands, retailers and content creators, to rent the 10 Crosby brand.
Customers can now rent Lam’s contemporary ready-to-wear collection through the brand’s e-commerce website with the Borrow button, as well as through rental services powered by CaaStle starting with Modern Luxury’s new luxury clothing rental service ModLux.Rent.
“We are excited to offer our customers an innovative new way to experience the Derek Lam 10 Crosby brand with the launch of Borrow,” said Dan Shamdasani, chief executive officer of Public Clothing Co., owner of Derek Lam 10 Crosby.
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“Since acquiring Derek Lam, a significant driver of growth has come from our ability to leverage our platform to introduce new retail partners and business models that generate broader awareness and access to the brand. Our partnership with CaaStle aligns perfectly with our growth strategy as it will help us to further increase our direct-to-consumer business and reach a larger base of customers that are younger and more aspirational to the brand,” said Shamdasani.
Available now on dereklam.com, Borrow allows the customer to rent and wear spring 2023 pieces available through Lam’s website as many times as they want during the rental period for a fraction of the retail price. Customers can choose to buy them at a discount any time. The discount rate varies based on seasonality and starts at 25 percent. At the end of a prepaid period, the customer can either return the items or continue with a daily fee to extend the rental. Daily fees are applied as a discount to the buy price. If paid daily fees equal the buy price, the customer will own the item with no penalties.
Customers can find a collection of all styles available to Borrow at dereklam.com/collections/borrow or while browsing the Derek Lam website. Once a customer finds an item and size that they wear, if the style is available to Borrow, the button will appear. There is no cost to join, and the customer just pays the rental price.
This is Lam’s first rental service and is actively carried on Rent the Runway and is part of their Design Collective program.
Lam’s Borrow program will have new pieces added regularly depending on the given collection and season.
Further, the latest styles from Derek Lam 10 Crosby will be included in Modern Luxury Media’s ModLux.Rent, the first apparel subscription service offered by a media company. Derek Lam 10 Crosby will be a featured brand in the service, which offers apparel from such contemporary brands as Vince, Ba&sh, The Kooples, Saloni, Scotch & Soda, Acler, Kobi Halperin, Yigal Azrouel, Saylor, and Farm Rio, among others.
This service includes a mix of items from current seasons and past. Derek Lam 10 Crosby will offer Essentials and fall, with spring to launch shortly.
ModLux.Rent offers members unrestricted access to the styles for a flat monthly fee of $125, with the option to keep and purchase an item at an exclusive discount. Members receive three items at a time that they can wear as long as they want. When they’re ready, they can exchange styles for three new ones with unlimited exchanges and returns, free priority shipping and complimentary laundering services. The company recently launched a free 30-day trial period.
Christine Hunsicker, CEO of CaaStle, added, “With the launch of Borrow, Derek Lam 10 Crosby is expanding access to its clothing and enabling the brand to engage with a broader customer base in a highly profitable and revenue-enhancing way. The brand exposure will continue after the initial Borrow transaction when the inventory will flow into CaaStle’s network. Here it will be introduced to more than 16 million affluent consumers through services like Modern Luxury’s ModLux.Rent, which will feature the introduction of Derek Lam to its collection. It’s a win-win powered by CaaStle’s pioneering technology.”