Resale and rental have become hot initiatives among retailers. The intention is to cater to consumers’ changing preferences and values, while also mitigating the effects of inflation. But are these initiatives panning out? We’ll find out at the next earnings call for some of the big players in rental and resale.
While resale has been discussed to great length on PYMNTS, we’re diving into the latest in rentals.
So, what’s driving the surge in rentals? It overcomes customers’ reluctance to invest in expensive items and supports a more sustainable consumption, while enabling retailers to boost their revenue.
Like resale, its impact on revenue remains unclear. Rentals seem like a promising concept, but let’s see what pans out. Until then, here are some of the latest forays into the rental space:
Aware that consumers are more reluctant to invest in items for one-time events, yet still craving a standout and attention-grabbing piece, whether it’s a dress or an accessory, Zales seeks to address their needs.
Signet Jewelers has launched a fine jewelry rental program, specifically designed for special occasions and weddings. The program is a result of a collaboration between two of Signet’s banners: Zales, known as “The Diamond Store,” and Rocksbox, a jewelry rental service.
Dubbed the “Zales x Rocksbox Fine Jewelry Rental” program, it boasts an assortment of jewelry exclusively crafted for rental purposes. Each piece is fashioned in 10-karat white gold and adorned with lab-created diamonds.
Customers can access a digital look book to preview the collection online prior to their scheduled appointment.
The Zales x Rocksbox Fine Jewelry Rental Program is now accessible in 50 Zales stores across the country and includes 36 pieces, including necklaces, earrings, bracelets and rings. Interested customers can rent their desired jewelry for a 14-day period, paying 5% of the item’s purchase price. They also have the option to buy any rented piece and apply the rental fee towards the purchase. The purchase price ranges from $1,000 to $10,000.
When you buy an item and it doesn’t turn out as expected, you can return it. But what about rentals? What if the rental doesn’t pan out as expected?
The British department store John Lewis has recently launched a VTO feature for its fashion rental service.
Zyler, the technology behind it, enables shoppers on the John Lewis Rental platform to visualize outfits before making a purchase through an immersive setting. The trial encompasses a collection of over 750 different garments. To participate, shoppers upload their headshot and provide personal details like height and bra size, enabling them to virtually try on the products.
Once these inputs are received, an image is generated, displaying the selected clothing item on the user’s virtual “body.” This allows them to assess the garment’s length, fit, and overall appeal.
At this point, would you expect any less from Mattel and Barbie?
Unsurprisingly Barbie has tapped into the rental space showcasing a collection of looks spanning her 64-year history. The unique assortment aims to provide Barbie enthusiasts with an opportunity to channel her wardrobe without breaking the bank. The wardrobe features a range of era-defining outfits from the ’70s, ’80s and ’90s and has been curated by the stylist Theo White.
“It’s the ultimate styling job — mining the treasure trove of Barbie’s fashion doll archive to curate an edit of modern and vintage pieces so that fans can pay homage to icon Barbie careers and eras, from power dressing CEO looks to dreamy ’70s California pieces,” White said in a press release.
The entire Barbie Dream Wardrobe will be accessible for rental exclusively at London’s Selfridges.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
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