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March 3, 2021, 3:26 p.m. EST

Ralph Lauren launches first subscription rental program, The Lauren Look

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By Tonya Garcia

Ralph Lauren Corp. /zigman2/quotes/207257694/composite RL +4.19% announced the launch of The Lauren Look, the luxury label's first subscription rental program, in North America. Starting at $125 per month, a membership will give shoppers access to dresses, pants, tops and more from the Lauren collection. Members have the option to purchase what's sent at a "membership rate" or return unwanted items. "The closet of the future will include a mix of new seasonal fashion, unique customized pieces and wardrobe staples, alongside pre-owned and rented clothing," said Patrice Louvet, chief executive of Ralph Lauren, in a statement. Once items have reached the rental threshold, they'll be donated to a nonprofit organization, Delivering Good, one more way to extend the life cycle of items and reduce clothing waste. "The decision highlights Ralph Lauren's willingness to take a calculated risk to transform & adapt to a more dynamic apparel marketplace," wrote Wells Fargo in a note. "Further, the service provides another way to engage with existing consumers while also helping to acquire a new & younger consumer, who are more apt to use an apparel rental service platform." Wells Fargo expects the apparel rental market to grow to $2.08 billion in 2025 from $1.26 billion in 2019. Wells Fargo rates Ralph Lauren shares overweight with a $132 price target. Ralph Lauren stock was up 1.7% in Wednesday trading, and has gained 16.2% over the last year. The S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.79% is up 27.8% over the last 12 months.

/zigman2/quotes/207257694/composite
US : U.S.: NYSE
$ 139.62
+5.62 +4.19%
Volume: 899,759
May 7, 2021 3:27p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$9.80 billion
Rev. per Employee
$247,382
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/zigman2/quotes/210599714/realtime
US : S&P US
4,234.87
+33.25 +0.79%
Volume: 1.47B
May 7, 2021 3:27p
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