When seven-year-old clothing rental startup Le Tote bought Lord & Taylor for $100 million last year, the move was seen as a reflection of where retail is today — technology-driven disruptors leading the reinvention of the industry.
Le Tote co-founder and CEO Rakesh Tondon joins the Retail Gets Real podcast from NRF 2020 Vision: Retail’s Big Show to share insight into Le Tote’s approach to fashion, changing relationships with consumers and what the future holds for Le Tote.
“We don't want to just offer renting as an experience. We want to become a utility in our customers' lives,” Tondon says. “You would change the way she thinks about her life, she thinks about her closet and she thinks about clothes.”
Listen to the full episode to learn why the online rental service is opening physical locations and why Tondon thinks it is imperative for retail to continue evolving if it wants to survive.