Saks Off 5th Partners With Rent The Runway
Forbes | August 1, 2022
Saks Off 5th is joining with Rent the Runway to offer its customers new luxury labels. More than 60 brands will only be available on Saksoff5th.com. Management has indicated that at this time merchandise will not be available in stores. Of course, customers can return the merchandise in stores and it is possible that a selection will be in key stores in the future.
This will bring many new and luxury brands to Saksoff5th.com. Some of these brands have not been in the store before. They include BA&SH, Thakoon Collection, Marissa Webb, Prabal Gurung, and Allan Lippes Collection. In addition, there will be expanded offerings from other brands which include Equipment, Derek Lam, 10Crosby, Tanya Taylor, Tibi and Ganni.
Saks Off Fifth entered the pre-owned resale market in 2020 when it started to sell handbags from Prada, Celine Gucci and Louis Vuitton. These sales efforts will be expanded as management finds other brands that will be available.
Jennifer Hyman, CEO of Rent the Runway, indicated that her company disposes some merchandise to ThreadUp. This is really a liquidation partnership. She indicated that this a major distinction with the partnership of Saks Off 5th. “The merchandise that winds up at ThreadUp is not in a rentable condition, though there are still customers for it.”