The subscription box market continues to grow with a new report from Royal Mail saying that the market should be worth £1.8bn by 2025. That comes as it doubled by 2020 compared to 2017 with spend of almost £1.4bn
Last week, UK department stores went on the endangered list. This week, it’s the turn of the mid-priced men’s suit market. Marks & Spencer has revealed it no longer sells men's suits at over half of its 254 big stores.
LK Bennett is launching the fashion rental service that was flagged earlier in the year. LK Borrowed, its first monthly subscription rental service, lets shoppers “rent some of our most popular pieces”, it said.
Menswear retailer Moss Bros has begun its new monthly subscription-based clothing rental service and hopes the ‘Moss Box’ venture, the first such menswear scheme in the UK, can become the 'new Netflix' of clothing.
As fashion rental services go this is claiming to be a UK first. US-based B2B rental tech platform CaaStle is expanding overseas to power a subscription rental service with UK menswear retailer Moss Bros from 20 April.
The latest results from now-privately-held Moss Bros saw it reporting a pre-tax loss for the year to last January. And the pandemic has been a problem since then, although its online sales have risen.
Crisis-hit Moss Bros has launched a CVA proposal as it works towards restructuring its fixed cost base on the back of the Covid crisis and a second wave of lockdowns that have “severely impacted” its trading.