Rebecca Taylor President Janice Sullivan discusses how the brand is embracing circular fashion models like rental and resale to stay ahead in a changing retail landscape. She explains how these strategies, including partnerships with Rent the Runway and their own take-back program, not only align with evolving consumer values but also open new revenue streams and strengthen brand loyalty without cannibalizing traditional sales. This episode offers a look into how an established fashion brand innovates its business model for future success.
Key takeaways
Embrace rental and resale to meet evolving consumer demands for sustainability and access over ownership, as Rebecca Taylor has done with Rent the Runway and their own recommerce program.
Utilize circular business models to attract new customer segments and increase customer lifetime value by offering flexible consumption options.
Don't fear market cannibalization from rental and resale; instead, view these as opportunities to expand reach, drive brand engagement, and open new revenue channels.
Integrate brick-and-mortar stores with innovative online models like rental and resale to create a cohesive and modern omnichannel customer experience.
Implement incentive structures, like credits and discounts for trade-ins, to encourage participation in recommerce programs and foster customer loyalty.
Rebecca Taylor dresses aim to land between the feminine and something more irreverent.
"Back in the day there was cool people and feminine people, but they didn't really cross over," the company's president, Janice Sullivan, said on this week's Modern Retail Podcast. "In Rebecca Taylor, it's where that meets," she added. "It's okay now to be a feminine feminist. It wasn't, maybe, years ago."
A year after the departure of its founder, the designer sells dresses in six of its own U.S. stores, and rents them out on both its own website and Rent the Runway. It also just launched a new program that will take older Rebecca Taylor clothing in exchange for credits and discounts for new.
Sullivan talked about the shopping experience, the rental business and why not to worry about cannibalizing your own market.
What does this episode say about retail & omnichannel?
Embrace rental and resale to meet evolving consumer demands for sustainability and access over ownership, as Rebecca Taylor has done with Rent the Runway and their own recommerce program.
What does this episode say about customer retention?
Utilize circular business models to attract new customer segments and increase customer lifetime value by offering flexible consumption options.
What does this episode say about subscriptions & ltv?
Don't fear market cannibalization from rental and resale; instead, view these as opportunities to expand reach, drive brand engagement, and open new revenue channels.
What does this episode say about brand & content?
Integrate brick-and-mortar stores with innovative online models like rental and resale to create a cohesive and modern omnichannel customer experience.
What does this episode say about retail & omnichannel?
Implement incentive structures, like credits and discounts for trade-ins, to encourage participation in recommerce programs and foster customer loyalty.
