Moss Bros has made an announcement that it will invest millions in its suit hire service in an effort to boost future growth.
The rebranding aims to target younger shoppers who, instead of just hiring suits for weddings and black tie events, will “rent” suits for job interviews and everyday occurrences, according to the Evening Standard.
This highlights many predictions that renting high-end clothes could be the next big thing in retail.
Drapers recently reported on a new partnership between US luxury fashion brand Neimen Marcus and the company Rent The Runway, allowing shoppers to wear high-end clothing for a limited period of time.
Both moves are aimed at millennials and hope to cap declining sales of luxury clothes by offering a cheaper shorter term option.