Think of it as Netflix for your wardrobe. Several online companies offer a service that allows customers to rent handbags instead of buying them. And not just any ol’ bags-- think designers like Gucci, Prada, Jimmy Choo, and Louis Vuitton.
Companies like bagborroworsteal.com, frombagstoriches.com and allthatbags.com are all capitalizing on the bag-leasing market with fees that are cheaper than purchasing the products, but still reflective of the high-end luxury market.
Bag Borrow or Steal charges a monthly membership fee of $5 to $10 as well as a weekly or monthly rental charge per bag. The more expensive the bag, the higher the charge. For instance, a Chloe Satchel from the “Couture” collection rents for $95 a week or $275 a month, whereas a Perlina bag from the “Trend Setter” collection goes for $6 a week or $20 a month. The most popular bags--such as the $1,420 Louis Vuitton embroidered speedy satchel or the $1,895 Chanel rock-and-chain patent flap bag--have waiting lists and limits to the amount of time they can be rented.
Allthatbags.com charges a membership fee of $4.95 plus a rental fee based on the level of bag chosen. A high-end Chanel, Prada or Chloe goes for $275 a month, while a Coach bag will cost you $25 a month. From Bags to Riches sets itself apart by not charging a membership fee, with monthly rental fees range from $22.95 to $299.95.
Fashion experts are generally positive about the rent-an-“It” bag trend. “I think it’s a great way for consumers to ‘rent’ designer status on a budget and for a short period of time, find something for a special event, try out a new look, or just satisfy that never-ending craving for something new,” says Lauren Parker, editor of Accessories Magazine. “Overall, it’s a fun idea and a useful service.”
But, Parker adds that the concept isn’t for everyone. “I do think accessories are a great way for women to develop and exhibit their personal style--particularly by owning and wearing distinct ‘signature’ pieces,” she says. Parker says she gets very emotionally attached to her favorite accessories, and items that always receive compliments. Constantly having to part with an accessory she’s fallen for might prove difficult, she says. And for most women, “renting to own” defeats the purpose.
Julie Rome, founder of Wardrobe Wizards, a wardrobe consultancy and personal shopping service, says she believes the service works best for bagaholics, women who are passionate about handbags, and like to incorporate a variety of high-end bags into their wardrobe. The service is also beneficial for women who need a high-end bag for a special event, she points out. “But,” she says, “if you’re a person that likes to invest in a bag, this strategy is not for you.”
In order to reach a wider market, bag-leasing companies are expanding their product selection beyond luxury handbags. Bag Borrow or Steal now allows members to rent luxury belts and jewelry, and hopes to add categories such as shoes, evening gowns, furs, sunglasses, wedding dresses, men’s watches and golf clubs over the next few years.
But, that doesn’t mean giving up its handbag focus. The company has just ended its search for “America’s Ultimate Bagaholic.” The winner was chosen from a host of essay and video submissions. The chosen bagophile will serve as the company’s “chief bag officer” beginning in October. She’ll receive free handbags for an entire year and blog about her experience. On top of that, the firm is committed to an effort to nab the queen of all handbags for its site—the coveted Hermes Birkin bag, which starts at $7,000 and has a waiting list that spans years.
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