CaaStle, the leading B2B rental technology platform in the U.S., today launched a game-changing technology solution for retail brands looking to participate in the circular economy. BORROW - a new button that allows retail brands to offer a transactional rental experience that is fully integrated into the e-commerce website will be debuted by leading contemporary brand Rebecca Minkoff, with other contemporary brands following this summer. Rebecca Minkoff, known for its digital innovation, is the first brand to launch BORROW on their e-commerce website which is available now at RebeccaMinkoff.com.
"The BORROW program is an important innovation for our partners in the Access Economy," said CaaStle founder and CEO Christine Hunsicker. "Integrating BORROW directly into brands' ecommerce sites enables consumers - especially aspirational consumers - to easily discover and wear their clothing. BORROW provides another powerful way for CaaStle to help brands acquire new customers, monetize inventory, and increase profitability of their e-commerce business."
Powered by CaaStle, Rebecca Minkoff's new rental experience leverages the BORROW program to provide customers with the ultimate control and flexibility. BORROW allows customers to wear items as many times as they like during the rental period with the option to buy at any time. At the end of the prepaid period, they 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 consumer will own the item with no penalties, ever.
"We are excited to be the first brand to market with this functionality, and to offer our customer options to try new styles. Innovation is a large part of our business, and something that our customer expects from Rebecca Minkoff. We're giving her more sustainable, cost effective options from the brand with the launch of the BORROW button," said designer Rebecca Minkoff.
Uri Minkoff, co-founder and CEO at Rebecca Minkoff added, "We've been looking to work with CaaStle and bring rental to our customers. The BORROW program makes sense for our apparel business as it allows us to offer more consumers the opportunity to experience our clothing directly from our e-commerce site while staying within our native environment."
CaaStle's longtime partner Vince, an early adopter of the access economy with its own subscription rental service Vince Unfold, will launch BORROW across their men's and women's apparel in the coming weeks. In addition, Rebecca Taylor will introduce BORROW for its women's assortment this summer.
A leader in the circular retail economy, CaaStle also powers subscription-based rental services for major retailers in the U.S. including Banana Republic, Express, Destination Maternity, Rebecca Taylor, Vince, and Walmart's ELOQUII brand, and Moss Bros. and L.K. Bennett in the United Kingdom.
Similar to CaaStle's Clothing as a Service (CaaS) program, a retailer participating in the BORROW program owns the customer experience while CaaStle handles the technology, reverse logistics, shipping and cleaning. CaaStle's BORROW program enables retailers to quickly offer a fully integrated rental experience that can be implemented in a matter of weeks.