Fashion label Altuzarra and rental service P180 set to debut online clothing rental
In a move aimed at revolutionising the fashion industry, luxury women's fashion brand Altuzarra has partnered with retail innovation firm P180 to introduce a rental feature on its digital platform.
Founded by Joseph Altuzarra, the brand sometimes creates items for runway shows that don't get picked up by wholesalers due to price or experimental nature. Rental services provide a solution to monetise these products, giving customers access to items they might otherwise buy on sale.
P180, co-founded by Brendan Hoffman and Christine Hunsicker in 2018, will become an equity partner in Altuzarra. Hoffman, formerly CEO of Vince and Wolverine, believes that rental services are akin to the "Moneyball" approach in baseball, offering a viable solution to the current state of retailers and brands being undervalued.
Hoffman's new venture aims to provide brands with inventory monetization technology, addressing the issue of the compressed markdown cycle for fashion items, where items are marked down more quickly and with deeper discounts.
For Altuzarra, the partnership is more than just a business move. It's an opportunity to bring in a new, younger customer and test innovative, fashion-forward products. The expanded offerings are expected to debut ahead of the holiday season.
P180's mission is to invest in or acquire industry-leading brands and retailers, with the goal of driving innovation in the fashion industry, a sector that needs it to be profitable. The company will license Altuzarra's e-commerce operations, further enhancing the brand's digital presence.
The introduction of rental services is a significant step towards reshaping the fashion industry, offering a sustainable and innovative approach to retail. As Altuzarra and P180 embark on this partnership, they aim to set a new standard for how brands can monetise their products and provide customers with unique, high-quality fashion items.
