Retail

Handbags Go On-Demand

The instant-gratification, everything-on-demand culture seems to have finally hit the world of handbags.

That’s right, handbags.

It was probably only a matter of time, but there is now a subscription service for handbags. This bold new innovation in the on-demand retail subscription world comes courtesy of a startup known as Ivory Clasp, which will send subscribers handbags valued at over $100 for a $45 monthly fee.

And these handbags are name-brand, not fast fashion or designer knockoffs, and are all in-season products instead out of the out-of-season or remainder products sold at most third-party or discount retailers.

“The average women, regardless of price point or demographic, buys basically five to seven bags per year,” Co-Founder Sean Rimokh told TechCrunch. “So we launched this business with a bimonthly target… We say users are more likely to convert from bimonthly to monthly than to cancel.”

Ivory Clasp subscribers can elect to receive a new bag every month for $45, or once every other month under the $45 bimonthly subscription option.

Ivory Clasp also follows the subscription service model by having new subscribers take a quiz so they can better understand the consumer’s style and preferences through a series of photos, and then sends them handbags that correspond to those types of choices in the future.

“The problem we’re solving is that there’s a new, 21st century girl who doesn’t have time to be super involved in fashion, or doesn’t have the money to spend on high-end bags or high-end clothing,” Co-Founder Avi Zolty told TechCrunch.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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