A couple of years ago a leather company hired me to write some speeches for a sales meeting.

Actually, the meeting company subcontracted with me to write the speeches which is an important distinction. If the company had interviewed me for the project I wouldn't have been hired.

I walked into the first meeting carrying a 25- year old Coach bag and my nearly 20 -year old brief case (It's a lovely brief case.A special order. A Louis Vuitton. Now timeworn, it was a splurge.--My intention was to keep it for the rest of my working life.--I'm still on plan. Nevertheless, the leather company was not impressed with my commitment to my bags.

And they told me so. They shamed me into purchasing some new handbags.( which were stolen two months later when someone broke into my house. They only thing they took were my new purses)

Coach Leather recently announced they were expecting a drop in sales this year--officially signaling the end to the handbags reign as the fashion industry's fastest growing product.

From Bloomberg News by way of the Miami Herald

Handbag makers, led by Coach and Louis Vuitton, are vying for the attention of affluent consumers, who are turning their attention to items like Tory Burch ballet flats and David Yurman bracelets, retail executives said. "The handbag business has softened up a little bit," said Kathryn Deane, president of Tobe, a fashion consulting firm in New York whose clients have included Macy's, Bloomingdale's, Nordstrom and Neiman Marcus. "When the consumer looks at accessories, she is not just looking at handbags anymore."

While it may have investors down in the dumps, shopping blogs are celebrating. At Shefinds.com, the headline reads

Hurray! Handbag Market Tanks: Up To 65% Off Designer Bags at Neiman Marcus

At the same time handbag sales are slumping, memberships in Rent A Bags are on The Increase. The latest is a venture in London called Handbag Hire, as featured in The New Pink

The company has a huge range of the most coveted ‘it’ bags in the fashion industry and are catering for the fashion savvy who cannot afford to blow a months wage on a bag. To make use of this service you must become a member at which the cost is £7.50 per month and then you can rent whatever you wish. The smaller designer bags start at £5 per week and can range up to £30 or more for the most wanted ‘it’ bag of the season.

The London concept is not an original. Since 2005, shoppers have been able to join the Netflix of the handbags
Bag, Borrow or Steal that has gotten a ton of press and a word of caution  from The Fashion Lawyer's Blog

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Just like the DVDs that come to your house with Internet favorite Netflix. You can even “steal“ a purse and pay for it if it’s too painful to part with the new accessory. I was interested in what happens in the case of conversion, so I took a look at the Membership Agreement to find out. Apparently, this is what happens: “If you return a product in a damaged or dirty condition that exceeds normal wear and tear, as determined by Bag Borrow or Steal in its sole discretion, you agree that Bag Borrow or Steal may charge your credit card and collect a replacement fee for such product.” Ah, the old “sole discretion” language.  I love me some lawyer. This is an amazing idea, and by looking at the Membership Agreement, it looks as if they have lined up all their legal ducks.  The site even offers a line of luxury handbags, including a (gasp) Crocodile Hermes Birkin Bag at the tune of a around $1,600 per week.  What do you think?

In Germany there is already a Netflix concept for Baby Clothes. From Springwise

German Lütte-Leihen came up with a solution: a layette rental service for a fixed fee per month. Parents can choose from different sets of onesies, pyjamas and outerwear. The clothes are delivered by post (or by hand to Hamburg and its suburbs). Once babies grow out of a size, the set can be exchanged for the next size up, free of charge. Like Netflix for baby clothes.

As the dollar continues its free fall and European designer clothes and accessories become more expensive for American shoppers,-it would seem that more of the Netflix models would be popping up in lots of categories.

Do you use any of these rent an accessory services? Would you like to see more of them?

Elana blogs about business culture at Funnybusiness
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