Dive Brief:
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Diane von Furstenberg's clothing rental service, DVF Link, "is no longer active," according to a spokesperson for the company. DVF declined to comment on when it shut down the service or why.
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The luxury retailer does have a "major presence" with the online rental platform Rent the Runway, according to the company.
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DVF isn't the only fashion label exploring clothing rental. Ralph Lauren announced this week that it launched its first subscription apparel rental service, dubbed "The Lauren Look."
Dive Insight:
Traditional and luxury apparel retailers are in the midst of figuring out their place in the circular economy.
DVF Link was reportedly launched last February in partnership with CaaStle, a startup that offers "clothing as a service" and collaborates with other brands including Eloquii, Gwynnie Bee, Express, Banana Republic and Ann Taylor. (Diane von Furstenberg is still listed on CaaStle's website as a partner. CaaStle did not respond to a request for comment.)
Even as clothing sales have dropped and fashion trends have drastically changed due to COVID-19, consumers are engaging with the secondhand market and apparel rental services for environmental and economic reasons. In a survey conducted by Kearney, nearly half of consumers say the pandemic has made them more concerned about the environment, with 11% saying they have shifted their purchases based on environmental claims within the past year.
"Consumers today are taking a different approach to experiencing brands and building their wardrobes," Patrice Louvet, CEO of Ralph Lauren, said in a statement announcing the retailer's rental initiative. "The closet of the future will include a mix of new seasonal fashion, unique customized pieces and wardrobe staples, alongside pre-owned and rented clothing."
The secondhand clothing market, in particular, is picking up steam, with ThredUp this week announcing that it has filed with the SEC for an initial public offering. The company forecast that the resale market is predicted to reach $44 billion by 2029.
