Lord & Taylor, the (now shuttered) Fifth Avenue fashion stalwart and luxury retailer has been bought by Le Tote Inc., according to NBC New York.
Le Tote is a San Fransisco based clothes rental company who’ve shot to prominence over the last ten or so years. According to NBC, they plan to bring the clothes rental option to Lord & Taylor. The story describes clothes rental programs as a subscription based customer service wherein clothes are sent to members, worn occasionally and then sent back to be replenished with new ones.
NBC says that the deal includes two spots on the board of Le Tote for Hudson’s Bay Inc., the company that owns Lord & Taylor, as well as a minor stake. Le Tote will pay Hudsons’s $75 million cash up front and $25 million in two years’ time.
It is unclear whether the purchase signals a re-open for the storied Fifth Avenue location, where the company catered to gawking tourists and the city’s monied elite alike for over 100 years.