Rental news and archive

CaaStle founder pleads guilty in 300 million dollar fraud case

Christine Hunsicker, the founder and former chief executive officer of CaaStle, has pleaded guilty to one count of securities fraud. As part of the plea, Hunsicker has agreed to offload nearly 300 million dollars in proceeds from a scheme intended to defraud investors of both CaaStle and her related business venture, P180. In a statement, United...

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Business

Cocoon elevates rental offering with MyWardrobe HQ and More Luxury Club

London-based rental platform Cocoon is elevating its offering, merging that of MyWardrobe HQ and More Luxury Club into its operations. By combining the businesses, Cocoon is building on efforts to position itself as a “definitive category leader” in circular luxury. As part of the process, MyWardrobe HQ’s chief executive officer, Coco Baraer...

Fashion

By Rotation partners with Lime to push low-impact festive consumerism

Fashion rental platform By Rotation has struck up a new partnership with Lime, an electric vehicle company, to encourage consumers to make more sustainable choices during the festive season. The collaboration comes on the back of research suggesting that 95 percent of London-based women want to be more environmentally conscious this Christmas,...

Retail

Urban Outfitters introduces US in-store rental returns with Nuuly

Retail giant Urban Outfitters has introduced a new in-store rental programme alongside Nuuly, allowing customers to return items borrowed from the platform to its stores across the US. Through the service, customers can bring their monthly Nuuly totes to Urban Outfitters’ stores to drop off as part of a rental return system. Those who utilise...

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Fashion |Interview

Janet Mandell expands luxury rental model with consignment service and AI try-on

In a rental market dominated by convenience and price, Janet Mandell has carved out a niche: a couture-level service paired with a circular fashion ethos. From her showrooms in New York, Los Angeles and Chicago, Mandell has built a business that not only provides access to over 6,000 designer pieces, but also strives to care for clients as...

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CaaStle founder charged over alleged 300 million dollar fraud scheme

Christine Hunsicker, the founder of bankrupt rental platform CaaStle, has been criminally charged over a 300 million dollar fraud case. Hunsicker has been accused of “defrauding investors of hundreds of millions of dollars through document forgery, fabricated audits, and material misrepresentations about her company’s financial condition”, US...

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Australian rental platform The Volte expands to UK

The Volte, an Australian peer-to-peer rental marketplace, has entered the UK market for the first time as part of an ongoing international expansion. In a release, co-founder and chief executive officer, Bernadette Olivier, said venturing into the UK marked a “significant milestone” for the company. She added: “Our proof of concept with our...

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Freitag launches rental service

Swiss bag brand Freitag took a step towards a circular business model with the launch of its rental service, Freitag Rent. The brand announced this in a press release. Freitag joins brands such as Decathlon, Bever, H&M, Urban Outfitters and Nike, which previously launched similar rental services. Peter Hollenstein, project manager at Freitag...

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Rental platform CaaStle files for bankruptcy amid fraud controversy

CaaStle Inc. has descended into bankruptcy, a new court filing has revealed, months after its former chief executive officer, Christine Hunsicker, was accused of fraud. The rental platform has filed for Chapter 7 bankruptcy in the District of Delaware, and is further preparing to liquidate its business. The petition, filed as case number...

Fashion

Strathberry launches ‘Borrow a Bag’ experience with Kimpton Hotels in Scotland

Scottish luxury accessories brand Strathberry is partnering with the Kimpton Charlotte Square Hotel in Edinburgh and Kimpton Blythswood Square Hotel in Glasgow allowing guests to borrow one of its signature handbags. The exclusive ‘Borrow a Bag’ experience is an extension of Kimpton Hotels’ signature ‘Forgot it? We’ve Got It!’ programme and...

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CaaStle reportedly secures bridge loan to support Chapter 11 process

CaaStle has seemingly found a light at the end of the tunnel. The US fashion rental platform, which has worked with brands like LK Bennett and Derek Lam on branded rental offerings, is believed to have secured a 2.75 million dollar bridge loan to help support an impending Chapter 11 process and despite an ongoing lawsuit. According to a letter...

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Business|Interview

Clothing rental as a business model: 6 Lessons from 10 years of Lena the Fashion Library

Many clothing rental companies have come and gone in recent years, but Netherlands-based Lena the Fashion Library has remained steadfast. Co-founder Elisa Jansen admitted that it wasn't always easy, having only found the perfect pay-as-you-borrow business model after five years. “You have to be patient and really dare to test it if you are going...