Le Tote to take on hundreds of new brands as part of Lord & Taylor deal
Digital fashion rental service company Le Tote is planning to launch more brands on its platform, among other big changes, following its recent acquisition of department store Lord & Taylor.
In an interview with Bloomberg, Le Tote Chief Executive Officer Rakesh Tondon said he plans to integrate the two businesses, allowing Lord & Taylor shoppers to access the department store’s range of products using Le Tote’s buy, rent or subscribe options.
Among other “massive changes” to be expected, Tondon told Bloomberg that the acquisition will bring 500 additional brands to the Le Tote site, as well as new categories like cosmetics and shoes.
As part of the acquisition, Le Tote is also set to take its first steps into brick-and-mortar with the planned set up of drop-off points for its rental business in Lord & Taylor stores, a move that parallels competitor Rent the Runway’s in-store deal with Nordstrom.
Additionally, the injection of Le Tote’s digital-first retail model into Lord & Taylor marks the latest example of a digital retailer giving a boost to a struggling department store, joining the likes of Macy’s and J. C. Penney, who have both launched partnerships with e-consignment store ThredUp.
Formerly part of Hudson’s Bay Co’s portfolio, the Lord & Taylor business was sold to Le Tote last week for about $100 million, as part of the Canadian retail group’s plan to focus on its Saks Fifth Avenue business.
Founded in 2012 and based in San Francisco, Le Tote is set to gain 38 stores when it closes the Lord & Taylor deal.
Copyright © 2023 FashionNetwork.com All rights reserved.