Word: borrowers
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...million), likes to carry a stylish handbag. But for her to invest $300 to $400 for a new Cole Haan, she figures she should carry it every day for a year. "I get tired of the same purse," she says. "I like flexibility." Instead she rents from Bag Borrow or Steal (bagborroworsteal.com). Just over a year ago, Lloyd Lapidus co-founded the company, which lets online shoppers borrow designer purses, from Baby Phat to Versace, for a monthly fee. He hatched the idea with brother-in-law Greg Pippo after watching his mother, wife and sister Stacey prospect for handbag...
...want to look like Uma Thurman, the new face for Louis Vuitton, but just can't afford those accessories? No problem. Now that the middle class is scrambling for brand-name luxuries, borrowing has become the next-best way to look rich. A cadre of Internet-based vendors have started lending high-status gear. Five other handbag-loan entrepreneurs ventured out this past year, and jewelry will soon be added to the mix. If that's not prestigious enough, some new clubs offer a rotating selection of vintage cars or the latest extravagant ones. "I believe this is a game...
...July, Bag Borrow or Steal hired as CEO heavy hitter Michael Smith, a former president of Nordstrom.com and CEO of Lands' End--another sign that the borrowing business is gaining credibility. Smith is encouraged by his site's returning-member visits, whose number is growing more than 30% a month. "One of the beautiful things about this model is it takes a lot of the risk out of fashion," namely losses from returned merchandise and unpopular stock...
...model is simple, whether it's handbags or luxury cars. Membership fees at Bag Borrow or Steal depend on the priceyness of the products: from $20 a month to $100, for "Diva" status. For fall, Diva members can lease, for example, the Botkier Holster tote--$665 if bought new--and totes by company creative director Stacey Lapidus. The "steal" in the firm's name? You can buy a "like new" bag at a discount from the Hollywood, Fla., website. Another new business, From Bags to Riches (frombagstoriches.com) uses a slightly different model. You don't have to become a member...
...hard knocks, call it what you will. But whether students, employees, or both at once, theirs is a predicament that seldom appears to matter to those enrolled in the more popular classes here—those whose toilet bowls they clean and whose collared shirts they proceed to borrow on weekends...