Saks Off 5th Broadens Its Resale Offerings With Rent The Runway Partnership
Saks Off 5th and Rent The Runway today announced a partnership that will help both companies capitalize on the growing demand for secondhand designer clothes.
SaksOFF5th.com, the e-commerce site of the off-price retailer, now offers previously-worn and previously-rented fashions from Rent the Runway, the company that pioneered re-used fashion with its clothing rental and subscription model.
Both companies called the partnership a win-win that will help them attract and engage with new customers.
“We think there’s an unbelievable opportunity to expand our luxury assortment through pre-owned,” said Paige Thomas, President and CEO of Saks Off 5th.
Rent the Runway and Saks Off 5th, Thomas said in an interview, have “a shared customer that has a real affinity for designer merchandise.” The partnership not only allows Saks Off 5th to expand on its existing brands, but gives its customers access to new brands carried by Rent the Runway.
Some of the brands not previously carried by Saks Off 5th that the Rent the Runway deal gives it access to include BA$SH, Thakoon Collective, Marissa Webb, Prabal Garung, and Adam Lippes Collective. It will also expand the merchandise Saks Off 5th can offer from its current brands, including Equipment, Tanya Taylor, and Derek Lam 10 Crosby.
For Rent the Runway, the partnership is a way to broaden its pool of potential customers and to offer new customers an easy way to experience the quality of its designer inventory, said Jennifer Hyman, CEO and Co-founder, Rent the Runway.
“We view this partnership as part of a holistic strategy we have that is focused on one of fashion’s fastest growing sectors, which is secondhand or resale – a sector we helped to create,” Hyman said in an interview.
Rent the Runway greatly expanded its resale strategy during the Covid-19 pandemic, Hyman said.
“Rent the Runway is one of very few retailers that can offer resale at scale, both to our community of customers and to other retailers that are looking to capitalize on the growth of re-commerce,” she said.
Rent the Runway, Hyman said, sources inventory from 800-plus designers. It will source s dress in every size, and order hundred of units of a particular SKU, unlike other resale platforms that source their inventory from individual consumers. making the experience of finding the right size or item more like a treasure hunt.
“When you shop resale on our platform it feels more like a traditional luxury commerce experience, because we have depth and breadth of the inventory, which we actually select. So we control what inventory is on our platform,” she said.
Saks Off 5th is a good fit for Rent the Runway resales, Hyman said. “They have a really aspirational site experience. The clothing is presented in a high-end way. It’s clearly that the consumer shops at Saks Off 5th because she is making a smart choice, and its not necessarily just about getting a deal.”
A recent survey of Saks Off 5th customers showed that more than 70% had previously purchased pre-owned clothing, shoes, or accessories. In addition, 80% of those customers said they would welcome the opportunity to buy pre-owned fashion from Saks Off Fifth.
The Saks Off 5th website has a pre-owned section that highlights the Rent the Runway offerings. All of the pre-worn items from Rent the Runway have been rated in excellent condition by Rent the Runway and will be identified on the site by a specific Rent the Runway badge.
The partnership will allow customers to get pre-owned designer fashions from Rent the Runway for up to 85% off, according to Saks Off 5th.
Saks Off 5th previously entered the resale space in 2020 when it partnered with LXR to sell pre-owned vintage handbags in its stores and online. “That’s been successful for us the last couple of years and we continue to expand that partnership,” Thomas said. Saks Off 5th hopes to add more resale partnerships in the future, she said.