Derek Lam 10 Crosby expands into rental
Derek Lam 10 Crosby has partnered with B2B rental technology and logistics platform CaaStle to expand its offering in the circular economy.
Dubbed 'Borrow', the new option allows customers to rent and wear current garments available through Derek Lam's website. As part of the service, customers can rent the brand's contemporary ready-to-wear collection on Derek Lam's website with the 'Borrow' button as well as through rental services powered by CaaStle. At the end of the prepaid period, shoppers can either return the items, continue with a daily fee to extend the rental, or buy the item at a discount.
Select styles are from the new spring 2023 ready-to-wear collection inspired by the elegance of Morocco as well as pre-spring, denim and essentials collections from Derek Lam 10 Crosby. The Borrow program is expected to have new pieces added regularly depending on the given collection and season.
"We are excited to offer our customers an innovative new way to experience the Derek Lam 10 Crosby brand with the launch of Borrow. Since acquiring Derek Lam, a significant driver of growth has come from our ability to leverage our platform to introduce new retail partners and business models that generate broader awareness and access to the brand,” said Dan Shamdasani, CEO of Public Clothing Company (PCC), owner of the Derek Lam 10 Crosby brand.
“Our partnership with CaaStle aligns perfectly with our growth strategy as it will help us to further increase our direct-to-consumer business and reach a larger base of customers that are younger and more aspirational to the brand.”
The latest styles from Derek Lam 10 Crosby will also be included in Modern Luxury Media's ModLux.Rent, the first apparel subscription service offered by a media company, joining brands including Vince, Ba&sh, Scotch & Soda, The Kooples, and more.
"With the launch of Borrow, Derek Lam 10 Crosby is expanding access to its clothing and enabling the brand to engage with a broader customer base in a highly profitable and revenue enhancing way,” said Christine Hunsicker, CEO of CaaStle.
“The brand exposure will continue after the initial Borrow transaction when the inventory will flow into CaaStle's network. Here it will be introduced to more than 16 million affluent consumers through services like Modern Luxury's ModLux.Rent, which will feature the introduction of Derek Lam to its collection. It's a win-win powered by CaaStle's pioneering technology.”
The advanced contemporary line, Derek Lam 10 Crosby was launched in 2011, while Derek Lam was founded in New York City, in 2003. It was acquired by Public Clothing Company in 2020.
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