Vince is launching a clothing subscription service, titled “Unfold”, which will include priority delivery, returns, laundry costs and insurance for a flat monthly fee of $160. In doing so, the US-based brand will be the first contemporary fashion label to offer this type of subscription service.
“Vince Unfold is an innovative new subscription service that will tap our existing product assortment to drive incremental revenue while further advancing awareness of the Vince brand,” Brendan Hoffman, CEO of Vince, tells WWD. “We believe that subscription services will play a much greater role in consumer shopping patterns in the future.”
Every month, customers will be able to rent up to four pieces from the retailer. If the customer wishes to keep the piece they rent, they can purchase it at a discount of 20-60%, depending on the seasonality of the merchandise.
According to Hoffman, rental platforms are becoming increasingly relevant in the fashion industry. For example Rent the Runway, which pioneered the subscription model in fashion when it launched in 2009, has just announced its expansion into 15 WeWork office buildings across the US, where customers can drop off return items for the retailer. In another example of retailers embracing the sharing economy, earlier this year London-based department store Browns teamed up with luxury rental service Armarium to offer its customers high-end fashion for rental for two weeks in the summer.
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