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Rebecca Minkoff recently made it possible for customers to rent clothing without a subscription.

Source: Rebecca Minkoff

To get more customers, some clothing brands are starting to rent their clothes – without a monthly subscription.

Fashion designer Rebecca Minkoff was recently the first to offer a “loan option” on its website, powered by the rental technology platform CaaStle. Customers can wear the item as often as they want during the rental period and have the option of buying it at an adjusted price.

Subscriptions, on the other hand, usually have a fixed monthly fee for a certain number of items at the retailer. While some brands have subscriptions just for their clothing, companies like Rent the Runway and Stitch Fix offer a variety of designers.

“In reality, how many different subscription services will you be on?” Minkoff recently told CNBC.

“It will be untenable.”

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Product sold on the RebeccaMinkoff.com website.

RebeccaMinkoff.com

Retailer Vince will be introducing the “Borrow” button for men’s and women’s clothing on July 13, and designer brand Rebecca Taylor is expected to introduce the service for their women’s clothing later this summer. Both already have subscription programs.

“We envision the ‘Borrow’ button to be ubiquitous with anyone selling clothing,” said Christine Hunsicker, founder and CEO of CaaStle, which also provides rental-based subscription services for Banana Republic, Express and Destination Maternity.

“You can expand your consumer reach,” said Hunsicker.

Hunsicker said she expects larger brands to offer subscriptions in addition to one-time rentals, while smaller businesses could just stick with the rental.

“When you think about the percentage of the population that can afford $ 300 or $ 400 overalls, you’re really talking about the top 1%,” Hunsicker said.

For Minkoff, it’s an opportunity to get new customers to try the brand, or even existing customers to delve a little deeper. Her dresses typically cost between $ 98 and $ 378.

“It was an opportunity to meet our women where their wallet is, but also people who have sustainability in mind,” said Minkoff, author of the new book “Fearless: The New Rules for Unlocking Creativity, Courage and Success”.

It’s the younger customers who are more interested in sustainability.

“Right now, every brand’s goal is to get younger customers, but the price points don’t work for everyone,” said Jefferies retail analyst Janine Stichter.

In a recent customer statement, Stichter said that one-time rentals “are a logical step for brands trying to attract new, younger (often emerging) customers, as they can ultimately become buyers of the brand.”

Renting an item three or four times also helps a retailer monetize their inventory better, she told CNBC. Retailers just need to make sure they aren’t cannibalizing their existing business.

In a way, the concept has come full circle. Rent the Runway started as a one-time rental company in 2009 before expanding to monthly subscriptions in 2016. Overall, the subscription business took a hit during the pandemic but is now recovering.

Nevertheless, Hunsicker of CaaStle believes that there is potential for growth in both models.

“There comes a tipping point where enough people have experimented and tried with renting and realizing that it is not a substitute for ownership,” she said.

According to data from analytics firm Second Measure, the market size for fashion subscription boxes decreased 22% year over year in the second quarter of 2020. By the fourth quarter of 2020, sales had almost recovered to 2019 levels.

People will still buy their core items and rent those that are out of their reach or trending, Hunsicker believes.

“As more consumers age, and this becomes an option, it becomes simply the way people interact with clothing,” she said.

San Antonio Spurs assistant coach Becky Hammon (left) speaks to Spurs head coach Gregg Popovich (right) on the court during a time out in the second half of an NBA basketball game against the Los Angeles Lakers in San Antonio.

Darren Abate | AP

Becky Hammon moved the needle, but the National Basketball Association assistant coach is now focused on taking the next steps in her career that could also enable her to make history again.

Weeks after Hammon hit the market as a finalist for a head coaching job with the Portland Trail Blazers, which would have made her the first female head coach in the NBA, Hammon spoke to CNBC on Saturday to share her thoughts.

Hammon said she wasn’t bitter about not getting the job and that she had a better understanding of the hiring process. Hammon added that she would be ready for the opportunity once the right team is ready.

“I’m not mad,” said Hammon. “This is the business and it is a very competitive business. But at the end of the day you throw it all out the window – if you want to hire me, you’ll find a reason to hire me. If you don’t want to hire me, you will find this reason too.

Hammon, 44, remains an assistant coach with the San Antonio Spurs. She explained why she was ready for one of 30 head coach jobs in the NBA, citing her professional growth under coach Gregg Popovich as the reason.

A victim of damage control?

Hammon went into coaching interviews with the Blazers and didn’t pretend she was the favorite for the job.

Chauncey Billups was the Blazers’ first choice – that much was clear in NBA circles. The former NBA security guard has a relationship with team principal Neil Olshey. Hence, Jody Allen, sister of the late Blazers owner and Microsoft co-founder Paul Allen, signed Olshey’s election. The Blazers defended Billups’ hiring of coaching and also publicly praised Hammon.

“We absolutely admire Becky,” said Olshey on June 29th. “She did a great job.

Olshey said getting Hammon this far was “a confirmation of how far she has come and how close she is to being head coach”. Olshey then said Billups had checked all the boxes, including “Gravitas’s leadership skills.”

Speaking of the process, Hammon said, “I knew I was second; I knew who they wanted. And I’m fine with that because every race I’ve competed in in my entire life was behind me and I “I agree. And so it is – but at the same time I don’t know what I’m dealing with. “

Assistant coach Becky Hammond warms up with the players before the game against the Oklahoma City Thunder on November 17, 2017 at the AT&T Center in San Antonio, Texas.

Hammon said she felt the Blazers were “authentic” in their coaching search. But the team suffered public backlash when Billups’ history of rape allegations re-emerged in 1997 and suggestions surfaced that the team interviewed Hammon only as a form of damage control. Rumors also surfaced that Hammon received less-than-glowing comments from the Spurs during the Portland trial.

When asked if the rumors affected the Portland discussions, Hammon said she had not read the tabloids and did not comment on the matter further.

She added, “I take every experience and try to grow from it, learn from it, and get better next time. If people have to give a reason for why they hired me or not, it is something beyond my control. I just try to do my best the moment I’m given. “

The Blazers trial is over, however, and Hammon said she was focused on “taking the next step” in her career. “I know how much San Antonio valued me, and I’m fine with that,” she added.

Hammon is now a teacher

The spotlight remains on Hammon. The social media crowd wants her to make history as the head coach. And every move she makes will be in the headlines. She has no control over the attention that both helps and hurts, but she would prefer it for the right reason – her coaching skills.

“I don’t want to do the news because I’m the first woman,” said Hammon. “Ultimately, I want to make news because I’m being hired because of my qualifications. It was Gregg Popovich’s original intention when he hired me in 2014 – namely, ‘She added something to the group, something for our team. I admire her wits and the way she sees the game. ‘”

Here Hammon reflects on her path.

She spent 16 seasons in the WNBA, which began in New York with the Liberty. Hammon made six all-star appearances over the course of her career and retired in San Antonio in 2014.

San Antonio Spurs assistant coach Becky Hammon speaks to her team during the game against the Los Angeles Lakers on December 30, 2020 at the AT&T Center in San Antonio, Texas.

Logan Riely | National Basketball Federation | Getty Images

“I was a former player trying to figure out what the next step was,” said Hammon. “And even though I was a student of the game …” She paused before digging deeper into her credentials.

Hammon then mentioned Tim Duncan, Tony Parker and Manu Ginobili – three NBA legends “who know 20 times more in this league than I do [Spurs] System. So when you sit there and tell them about defensive coverage, you should be damn sure you know what you’re talking about and I’m just real. “

She then indicated how to win Popovich’s trust.

The legendary head coach gives his assistant coaches scouting tasks – he creates fixtures and strategies, which he then trains. If Popovich doesn’t like what’s suggested, it’s back to the movie room. This is what the new coach of the Boston Celtics, Ime Udoka, learned. Milwaukee Bucks trainer Mike Budenholzer and Phoenix Suns trainer Monty Williams also learned from Popovich.

“It prepares us in a way that maybe some younger coaches or people who have not yet gone through wringers are unprepared,” said Hammon. “He gives his assistant coaches so much freedom and pressure that prepare us more than people can understand. He empowers and empowers you in certain situations that I can’t do like other coaches who have his gravitas. He is a teacher of teachers, and he makes teachers. “

When asked what kind of coach she is today, Hammon replied after seven seasons under Popovich: “I grew up under him. With him I learned a lot of X and O and various leadership skills. But there are things that make it really hard to quantify how much growth I’ve had because there’s so much. “

But Hammon is not satisfied

There are still vacancies in Washington and New Orleans. But the thing is, these aren’t the most stable NBA organizations.

The pelicans have problems with team culture. And rival NBA executives suggest that the Wizards’ philosophy and sports strategy under owner Ted Leonsis is more hockey than basketball.

While Hammon is up for the challenge, it is unclear whether it would be suitable for these teams.

“I have to be the right coach – not male or female – the right coach for the right team, in the right city, at the right time,” said Hammon.

And when she gets a top NBA coaching job, Hammon says, she welcomes everything that comes with it.

“I am ready to be examined,” said Hammon. “Whether I do everything wrong or do everything right – it is what it is. My job is to stand up for the players and be the leader and the person who believes in them the most.”

“When the world throws a bunch of S — stuff in their ears, I’m the voice of honesty to say, ‘Hey, this is what it looks like – that’s how it has to be, and when you’re down, I’m down to make it work, “she said.” I don’t know how to tell you otherwise. The truth always works. “

“I’m happy with what happens – the needle is moving,” said Hammon. “Am I satisfied? No. And satisfaction has never brought anything great. There are different prices to get where you want to go.

Sir Richard Branson stands on the trading floor of the New York Stock Exchange (NYSE) in front of the trading of Virgin Galactic (SPCE) in New York, USA, 28 October 2019.

Richard Branson Virgin Galactic IPO NYSE

After nearly 17 years of development and over a billion dollars invested in Virgin Galactic, Sir Richard Branson achieved his dream and reached space.

From the cabin of the spaceship, Branson spoke of space flight as “the complete experience of a lifetime”.

“This is the moment I dreamed of as a child, and to be honest, nothing can prepare you for a view of Earth from space,” said Branson after landing.

The company’s VSS Unity spacecraft launched over the New Mexico skies on Sunday, with two pilots driving the vehicle with the billionaire founder and three Virgin Galactic employees. VSS Unity – after it was released over 40,000 feet by a carrier aircraft called the VMS Eve – ignited its rocket motor and accelerated to more than three times the speed of sound as it ascended to the edge of space.

VSS Unity then performed a slow backflip in weightlessness as the Virgin Galactic crew were weightless and floating around the cabin of the spaceship. The spacecraft reached an altitude of 86.1 kilometers (53.5 miles or approximately 282,000 feet).

The vehicle then glided back through the atmosphere to land on the runway of Spaceport America where it had previously taken off.

VSS Unity will be released from the carrier aircraft VMS Eve during the launch of its third space flight on May 22, 2021.

Virgo galactic

The pilots Dave Mackay and Michael Masucci flew with Unity. Sitting next to Branson in the spacecraft’s cabin are chief ronaut trainer Beth Moses, chief operations engineer Colin Bennett, and vice president for government affairs Sirisha Bandla. Both Mackay and Masucci have previously flown into space, as have Moses and pilots CJ Sturckow and Mark Stucky.

The US officially regards pilots who have flown more than 50 miles (or approximately 262,000 feet) as astronauts.

VSS Unity is designed for up to six passengers together with the two pilots. The company has approximately 600 reservations for tickets for future flights, which sell for prices between $ 200,000 and $ 250,000 each.

“We’re here to make space more accessible to everyone,” said Branson after the flight. “The mission statement that I wrote in my spacesuit was to make the dream of space travel come true for my grandchildren … and for many people living today, for everyone.”

The space goals

This was Virgin Galactic’s fourth spaceflight to date, the second this year, and the first with more than one passenger.

In addition to flying Branson, spaceflight had other goals as Virgin Galactic is still testing its spacecraft system, with the goal of entering commercial service in early 2022.

The four crew members test the spacecraft’s cabin and the training program Virgin Galactic has developed to ensure customers are properly prepared for the experience. In addition, Bandla will test running a research experiment while doing an exercise with plants in test tubes for the University of Florida.

Sunday’s space flight is one of three Virgin Galactic still needs to complete development, and two more are expected this year.

A competition for others

Shortly after the spaceflight landed, Branson announced that Virgin Galactic had partnered with sweepstakes company Omaze to offer a chance for two seats on “one of the first Virgin Galactic commercial spaceflights” early next year.

“You have a chance to go into space,” said Branson.

The competition requires a donation that goes to a nonprofit organization called Space For Humanity. The billionaire added that he will put on his “Willy Wonka hat” to give the winners a tour of Spaceport America.

“It’s a way of just trying to attract a lot of people who otherwise couldn’t afford to go into space,” said Branson.

Branson’s trip

Virgin Galactic’s Richard Branson, front center, gathers with Virgin Galactic employees in front of the new SpaceShip Two VSS Unity following a new aircraft roll-out ceremony at Mojave Air and Space Port on February 19, 2016 in Mojave, California .

Ricky Carioti | The Washington Post | Getty Images

Branson has dreamed of going into space since watching the Apollo moon landing and founded Virgin Galactic in 2004 to fly private passengers into space. He started the company to buy spaceships built by aerospace designer Burt Rutans Scaled Composites.

Virgin Galactic’s SpaceShipTwo system emerged from Branson’s contract with Scaled Composites. However, the spacecraft’s development had several setbacks, including a rocket engine explosion on the ground in 2007 that killed three Scaled Composite employees, and the 2014 crash of the first SpaceShipTwo, VSS Enterprise, in which the co-pilot of Virgin Galactic, Michael Alsbury, was killed and injured pilot Peter Siebold.

The company then built VSS Unity, which is equipped with additional safety measures to prevent future accidents. Virgin Galactic began testing Unity in 2016 and first reached space in December 2018. In addition, Virgin Galactic rolled the next spacecraft in its fleet earlier this year, VSS Imagine, which is the first of its next-generation SpaceShip III vehicle class.

Last month, Virgin Galactic received a license extension from the US Federal Aviation Administration that allows the company to fly passengers on future space flights. The company completed a 29-element verification and validation program for the FAA and reached the last two regulatory milestones with its most recent space test in May.

Branson wasn’t previously expected to fly on Sunday’s space flight, as Virgin Galactic leadership said the company planned to fly the founder on his penultimate test flight. But after billionaire Jeff Bezos announced that he would be flying on July 20 on his company’s Blue Origin company’s first passenger flight, Virgin Galactic changed its flight schedule – with the aim of flying Branson nine days before Bezos.

Sunday’s flight, which takes off from Bezos or Elon Musk, means Branson will be the first of the multi-billion dollar space company founders to drive his own spaceship.

Virgin Galactic and Blue Origin compete in suborbital space tourism, with both companies’ spaceships taking passengers to the edge of space for a few minutes to soar in weightlessness. An orbital flight, such as with Musks SpaceX, costs tens of millions of dollars and typically spends several days or weeks in space.

Branson’s company believes there is a market that can accommodate up to 2 million people on suborbital space flights with prices between $ 250,000 and $ 500,000, with the market expanding as costs drop.

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An Olive Garden restaurant in Times Square in New York.

Richard Levine | Corbis | Getty Images

With bars and restaurants struggling to find staff, several large restaurant chains have announced higher wages to encourage workers to apply and stay.

According to the Ministry of Labor, more than half a million jobs were created in places to eat and drink between March and June. The unemployment rate for the industry remains high, however, reaching 10% in June compared to 9% in the previous month. And warmer weather usually leads to higher demand for restaurant meals anyway, which increases pressure on employers to increase their workforce.

Enrique Lopezlira, the director of the low-wage work program at the University of California’s Berkeley Labor Center, said the lack of access to childcare and safety concerns keep many workers, especially women, from working life.

“Raising wages is good and will attract workers, but we are also seeing higher quitting rates in these jobs in the data,” said Lopezlira. “In the long term, I think these employers need to improve the overall quality of these jobs.”

Some retailers and restaurants have tried to do just that. Walmart and Target, for example, choose to keep their stores closed on Thanksgiving so employees can stay home over the holidays. Best Buy improved additional childcare services and expanded access to caregiver services.

However, for the time being, most companies stick to just raising wages or offering bonuses. According to the Ministry of Labor, the average hourly wage in June in all sectors rose by 0.3% compared to the previous month and by 3.6% compared to the same point in time last year.

On the other hand, rising labor costs in recent years have also motivated restaurant chains to invest in automation technology, such as self-ordering kiosks or software for artificial intelligence that can accept a drive-thru order.

Here are the restaurant chains that increased hourly wages or started offering bonuses this year:

Papa Johns

Papa John’s announced new hiring, referral, and retention awards for restaurant workers at its company-owned locations on Thursday. Company employees earn an additional $ 50 for each new employee they hire, while the new hires also earn $ 50. Existing employees are also entitled to up to $ 400 in recognition awards, which are gradually paid out over the remainder of the year.

The pizza chain plans to spend about $ 2.5 million on the initiative for the remainder of 2021. While this is a high price to pay, giving bonuses allows the company to temporarily give more money to its employees rather than permanently changing its pay structure just in case. Next year it will be easier to find employees.

Approximately 14,000 Papa John employees will be eligible for the new loyalty program. Approximately 18% of the chain’s North American restaurants are owned by the company rather than by franchisees.

MC Donalds

McDonald’s said in May that workers at company-owned restaurants will see pay increases averaging 10% over the next several months. Beginners earn $ 11 to $ 17 an hour, depending on their location, and shift supervisors $ 15 to $ 20 an hour. By 2024 – about a dozen years after the chain’s workers started the $ 15 battle – it plans to pay company restaurant employees $ 15 an hour.

“I think what happens is you see that having a great economy is very helpful in increasing employee wages, and I think a lot of the changes that come from a wage perspective are because Companies like McDonald’s have to compete for the best. ” Talent, “said CEO Chris Kempczinski at CNBC’s Evolve conference in June.

However, only about 5% of the company’s US restaurants are owned by the company. This means that for the remaining 95% of the locations in the home market, the wages are determined by the franchisee who runs the restaurant.

Restaurants Darden

In late March, Olive Garden’s parent company announced that every hour worker in its restaurant portfolio will make at least $ 10 an hour, including tips. Hourly wages rise to $ 11 an hour in January and $ 12 an hour the following January.

But Darden Restaurants executives have said they are focusing more on keeping the tip, despite President Joe Biden’s pledge to abolish it. In 43 states, employers can only pay their workers $ 2.13 an hour as long as the hourly wage and tip are within the local minimum wage limit. If Biden succeeds, employers would have to pay each worker at least $ 15 an hour, even if they are tipsy.

Chipotle Mexican Grill

Chipotle Mexican Grill pays its workers an average of $ 15 an hour after introducing higher wages in its presence in May and June. Starting wages for hourly crew members range from $ 11 to $ 18.

The company also introduced referral rewards of $ 200 for crew members and $ 750 for apprentices or directors to help meet its hiring target of 20,000 new employees for the summer.

Executives said customers will pay about 4% more for their burritos and tacos because of the wage increase.

Texas Roadhouse

Texas Roadhouse executives said on the company’s most recent conference call in April that their biggest challenge is recruiting.

“It has never been so difficult to attract and retain employees. As a result, we are also seeing wage increases in order to remain competitive, ”CEO Gerald Morgan told analysts at the time.

To offset the cost of higher employee pay, the company increased menu prices by 1.75%.

BurgerFi

BurgerFi recently launched a referral program for managers and deputy managers.

“We definitely have to compete for talent in the market,” said CEO Julio Ramirez in an interview. “But I think we also have some unique advantages due to our situation as a growth brand and our cool image.”

The burger chain went public in December through a merger with a special purpose vehicle. Ramirez said the company also offers restricted inventory units to restaurant managers and deputy managers.

“If we grow and our share price goes up, everyone wins,” he said.

PF Changs

The Asian-inspired restaurant chain offers referral bonuses. In addition, PF Chang’s is taking steps to improve the work-life balance of its workforce. CEO Damola Adamolekun told Bloomberg that the company gave its employees July 4th off so they could spend the day relaxing and enjoying the vacation.

Despite these efforts, the privately held company still has approximately 2,000 open positions across its entire presence.