China has already been one of the fastest-growing luxury retail markets in the world for years. As their spending power increases, consumers are becoming pickier, demanding premium brands at better prices, with better service. Now Le Tote, the fashion rental service backed by Andreessen Horowitz, GV and other investors, is preparing to enter the fray.
The San Francisco-based company says this makes it the first U.S. subscription service to enter China. Le Tote China will run a beta program on WeChat, the ubiquitous messaging and e-commerce platform, before launching to the public in spring.
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