Banana Republic Enters Clothing Rental Market

Banana Republic Enters Clothing Rental Market

Banana Republic is the latest retail to try something news -- the company is entering the clothing rental market.

The service, which is called "Style Passport," will begin in September.

A monthly subscription costs $85 and it is available to women only.

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But men shouldn't worry as Banana Republic says it is looking to launch another service for males as well.

Up to three pieces of clothing can be rented at one time. Banana Republic CEO Mark Breitbard says clothing rental will help the chain stay relevant to shoppers.

This is a way to keep up with customers' ever-changing, moving lifestyle.

It will just help us over the long term maintain health for a brand that has been in business for 40 years, Mark Breitbard, via 'CNN Business,'

Banana Republic is just the latest retailer to enter the burgeoning market of clothing rental.

At Urban Outfitters, it will cost you $88 a month to rent up to six items. Just like Banana, Ann Taylor also offers three pieces for $95 a month.