I've noticed a trend lately. Unilever bought Dollar Shave Club. Estee Lauder bought Too Faced Cosmetics. And this week Neiman Marcus announced a new partnership with Rent the Runway.
Rent the Runway is an online company that rents designer apparel and accessories. It has recently begun to expand into brick and mortar locations and now Neiman Marcus is incorporating Rent the Runway units into their stores.
The idea is to surround the rental clothing with appropriate accessories that the customer can buy to enhance their rented designer items.. There will be in-store services such as styling and purchasing advice, and an app for checking avails and reserving merchandise.
Currently the average age of the Neiman Marcus customer is 52. The average age for a Rent the Runway customer is 29. Of course they are hoping that once they have gotten Millennials into the store they will become customers.
So what do you think? Do you shop in department stores? Will you go to Neiman Marcus? Do you think this idea will work? And what about the other brands I mentioned? Is buying brands popular with millennials the best way for companies with Boomer brands to remain in business?
Loeb, W. (2016, November 22) Neiman Marcus Partners With Rent the Runway To Attract Much Needed Millennial Consumers. forbes.com. Retrieved November 23, 2016, from