What Is Bag Borrow Or Steal?: Called "a Netflix for bags" by the New York Times, Bag Borrow Or Steal works in a similar way to the online movie rental company, but instead of DVDs, you can borrow designer and couture handbags and jewelry.
Borrow as a Member or a Guest: Members pay a monthly fee based on four borrowing levels that reflect both price and designer, beginning with 'Trendsetter,' which has a $20/month membership fee. The 'Couture' level is the most expensive, with membership starting at $175/month and including products from top designers. Borrowing fees vary by item.
Guests pay more to borrow items, and are not eligible for the waiting list, which allows members to eventually borrow items that aren't currently available.
Customers can borrow an item for as little as a week, or for as long as they like.
Insuring the Jewelry and Handbags: Bag Borrow Or Steal offers reasonably priced insurance for borrowed items. This is a great option -- if anything happens to the accessory that goes beyond typical wear and tear, the insurance covers the damage. The extra expense is well worth it, considering the customer could be charged up to the full price of the item in order to replace or repair it.
The "Steal" Option: My favorite part of the site is the 'Steal' option. If you fall in love with that David Yurman bracelet, you have the option to go into your account options, select the bracelet, and click 'Steal It.' A sale isn't guaranteed, but the company evaluates how easy it will be to replace the item, how long it has been on the market, and its current condition. If they decide to sell, you'll receive a price offer, and can either accept it and charge the item to the credit card you have on file, or decline and send the item back when you are ready.
Founders and Date Established: Bag Borrow Or Steal was co-founded in 2004 by Lloyd Lapidus and Greg Pippo. Lloyd Lapidus has an extensive career in marketing, while Greg Pippo's background is in finance and law.
Company Stats: Since it's launch in 2004, Bag Borrow or Steal has developed a 250,000 member base and offers over 3,000 accessories to its customers. Not only do they offer the 'it' products of the season made by top fashion designers, the site also carries products by lesser known designers who are just making their way onto the scene.
Bag Borrow Or Steal In the News: In June, 2007, the company announced a hefty $15 million bump in its financial backing. The extra funding will allow Bag Borrow Or Steal to expand to meet the demand of its customer base, and offer a wider range of accessories. More stock means a lower wait time for hot seasonal items -- a benefit to members, who can sleep easy at night knowing they aren't paying a monthly fee just to be on a long waiting list.
