Menswear retailer Moss Bros has begun its new monthly subscription-based clothing rental service and hopes the ‘Moss Box’ venture, the first such menswear scheme in the UK, can become the 'new Netflix' of clothing.
As fashion rental services go this is claiming to be a UK first. US-based B2B rental tech platform CaaStle is expanding overseas to power a subscription rental service with UK menswear retailer Moss Bros from 20 April.
The latest results from now-privately-held Moss Bros saw it reporting a pre-tax loss for the year to last January. And the pandemic has been a problem since then, although its online sales have risen.
Crisis-hit Moss Bros has launched a CVA proposal as it works towards restructuring its fixed cost base on the back of the Covid crisis and a second wave of lockdowns that have “severely impacted” its trading.
Moss Bros is mulling closing stores as the men’s formalwear specialist deals not only with the aftermath of the lockdown that hurt retailers generally, but the cancellation of many events on which its business depends.