Fashion brand DVF closed its clothing rental service and shifted focus to competing platform Rent the Runway.
In the ever-evolving fashion industry, traditional and luxury brands are exploring their role in the circular economy, as consumers increasingly engage with secondhand markets and apparel rental services for environmental and economic reasons.
Diane von Furstenberg's clothing rental service, DVF Link, was launched last February in partnership with CaaStle. However, DVF Link closed its doors amid the brand's financial losses and restructuring efforts by 2020 [2]. The specific reasons for DVF Link's shutdown remain undisclosed, but it appears to be part of a general pullback from less profitable or experimental ventures within the company.
Regarding its partnership with CaaStle, there are no recent updates clarifying the current status of that collaboration. CaaStle, a fashion rental platform focused on circular and sustainable consumption, had previously teamed up with DVF Link to offer clothing rentals. However, due to DVF Link's closure and the brand's financial challenges, it is likely the formal partnership has been discontinued or is inactive at present.
DVF is still listed on CaaStle's website as a partner, but DVF Link's closure indicates a shift in the clothing rental market among luxury retailers. This shift is further evidenced by the launch of Ralph Lauren's first subscription apparel rental service, The Lauren Look.
Patrice Louvet, CEO of Ralph Lauren, said that consumers today are taking a different approach to experiencing brands and building their wardrobes [3]. In a survey conducted by Kearney, nearly half of consumers say the pandemic has made them more concerned about the environment [1]. This environmental consciousness is reflected in the growing resale market, predicted to reach $44 billion by 2029.
ThredUp, a leading online thrift store, has even filed for an initial public offering, further indicating the pickup steam in the secondhand clothing market. Diane von Furstenberg still maintains a major presence with the online rental platform Rent the Runway.
The circular economy, an economic system aimed at eliminating waste and the continual use of resources, is at the heart of these trends. The Lauren Look by Ralph Lauren is an example of apparel retailers exploring this concept. In fact, 11% of consumers say they have shifted their purchases based on environmental claims within the past year [1].
Despite DVF's silence on the matter, DVF Link's closure is a significant milestone in the clothing rental market, signalling a shift towards sustainability and circular consumption among luxury retailers. As the industry continues to evolve, it will be interesting to see how other brands adapt to these changing consumer preferences.
References: 1. Kearney's 2021 Consumer Sustainability Survey 2. Business of Fashion: Diane von Furstenberg's Clothing Rental Service DVF Link Shuts Down 3. Ralph Lauren Launches Subscription Apparel Rental Service
- Amid the industry's shift towards sustainability, Diane von Furstenberg's clothing rental service, DVF Link, unfortunately ceased operations, which could be a response to the general pullback from less profitable ventures during financial restructuring.
- The shift in consumer preferences towards environmental consciousness is further evidenced by the launch of Ralph Lauren's first subscription apparel rental service, The Lauren Look, reflecting a rethinking of how consumers experience and build their wardrobes.
- As more consumers express concern for the environment due to the pandemic, the resale market is growing, with ThredUp, a leading online thrift store, filing for an initial public offering, showcasing the momentum in the secondhand clothing market.
- In the fashion industry, traditional and luxury brands are increasingly exploring their role in the circular economy, as consumers engage with sustainable practices such as secondhand markets, apparel rental services, and the launch of subscription rental services like The Lauren Look by Ralph Lauren.
- The circular economy, which aims to eliminate waste and ensure the continual use of resources, is fundamental to the current trends in the fashion industry, as evidenced by the growing emphasis on sustainability and environmental awareness among consumers, leading to innovative business solutions such as rental services and circular consumption.
