Modern Luxury Media’s ecosystem of 85+ brands across 22 markets includes Hampton’s Magazine, Ocean Drive and Aspen Magazine, reaching more than 16 million readers. The new ModLux.Rent platform offers members unrestricted access to the season’s latest styles from luxury brands for a flat monthly fee of $125. Members also will have the option to buy the items at a discount.
Modern Luxury’s editors will select from top and emerging brands to curate the platform’s offerings, with new styles and brands added weekly. ModLux.Rent members can receive up to three items at a time and keep them as long as they want. When they’re ready to try something new, they can exchange styles for three new ones with unlimited exchanges and returns, free priority shipping and complimentary laundering services. All backend operations will be fully managed by CaaStle through its “clothing-as-a-service” rental ecosystem, including reverse logistics and garment care.
“The launch of ModLux.Rent aligns with our growth strategy as it positions us to capitalize on the rise of content-to-commerce platforms,” said Michael Dickey, CEO of Modern Luxury Media in a statement. “By leveraging both our traditional properties through our newly acquired influencer network Glocally, ModLux.Rent continues to strengthen our ability to authentically engage with hyperlocal communities of luxury consumers across all screens and platforms.”
Modern Luxury’s entrance into fashion rental comes at a time when other, more established players in the space are struggling to make the model work — notably Rent the Runway, which continues to face subscription declines following a disappointing IPO last year. Fashion subscription service Stitch Fix is also continuing to experience declines in its business. However, Modern Luxury’s focus on the most elite segments of U.S. consumers could be its edge, with the ultra-rich still showing demand for luxury goods despite challenging economic conditions.