LK Bennett is launching the fashion rental service that was flagged earlier in the year. LK Borrowed, its first monthly subscription rental service, lets shoppers “rent some of our most popular pieces”, it said.
The NYC-based fashion group has announced that it achieved net sales of $57.5 million in the first quarter, up 47.5% from $57.5 million in the prior-year period, progress which allowed the company to reduce its loss.
The New York-based fashion group revealed its preliminary Q4 financial results on Thursday, reporting a decrease of 28.4% in its net sales as the Covid-19 pandemic continued to take its toll on the company’s operations.
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 American luxury brand has deactivated its DVF Link online rental subscription service as part of streamlining efforts being implemented as the company prioritizes the launch of its new e-commerce platform.
The New York-based fashion group reported third-quarter earnings of $5.0 million on Monday, down from $.6.0 million in the prior-year period, as rent concessions helped to offset significant declines in sales.