Ralph Lauren: Do you want to rent your brand?
IN A NUTSHELL:
We are beginning to see movements that indicate the arrival of large legacy brands in the world of “rental” as a new strategic line of business.
THE GREAT STRATEGIC TAKEOUT:
Rental is a perfect example of the convergence of sustainability, collaborative economy, needs, timelessness, proximity and community in companies and brands that have completed their digital transformation.
Why should I read this?
Being relevant and generating impact is synonymous with knowing how to adapt and evolve the value proposition and business strategies.
What are we talking about?
«The Lauren Look», the new proposition from Ralph Lauren, is a rental subscription service that grants unlimited access to the brand’s latest collections and proposals for $125 a month. A platform that allows the consumer to have products delivered to their door and to decide if they want to rent them, try them, keep them for a while or even buy them and keep them forever.
Launched in March and with the promise of connecting with new motivations, “The Lauren Look” contributes to:
- Sustainability: it extends the life of the garments, and reduces waste and the amount of raw materials and energy used in the manufacture and design processes.
- Social contribution: once the garments have been circulated a certain number of times, they are donated to the NGO Delivering Good.
- Collaborative economy: collaborative consumption renews traditional market behaviour through rental and retail sale codes.
- Digitalisation: a proposal that is based on and is experienced from the digital world and that responds to the threat of retail, especially in branders who are also retailers.
- New needs: the brand proposes a way of buying that considers new needs and occasions. For example, the website presents looks for “work from home” or “date night at home” rather than a wardrobe governed by the new summer, winter, autumn and spring trends.
- Timelessness: the timelessness of many of the brand’s products is an RTB that sustains the platform: selective and timeless looks.
- Direct consumer intelligence: direct link with the habits and tastes of the consumer. The brand, based on the rentals made by the target, can delve into what they really want and, with this intelligence, propose new clothing and accessories, using it as a key input for the design of future collections.
- Community: the brand builds community and invites every participant to inspire others with their combinations, and also to be inspired by others’ choices.
Sign in to continue reading
Just by having an account you can access the rest of the content* and download the PDF, it's free.
*Insight, references and what to pay attention to, strategic perspective, where and how implement it, how innovative is it, who is using it already, other things to keep in mind, how to get a clearer idea and how to share it with your network.