LE TOTE
LE TOTE

LE TOTE

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LE TOTE High Paying Jobs, Compensation Information and Expert Network Connections

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Le Tote is an online women's clothing rental business in the United States which uses a subscription box model. It was founded in 2012 by Brett Northart and Rakesh Tondon. In 2019, Le Tote acquired Lord & Taylor.

Le Tote is one of several companies renting women's clothes; competitors include Rent the Runway, The Ms. Collection, Gwynnie Bee, and Armarium. While Rent the Runway focuses more on high-end, "event-driven" clothes, Le Tote mainly rents "everyday wear."

In late August 2019, Le Tote finalized an agreement with Hudson's Bay Company to buy the Lord & Taylor chain for C$99.5 million in cash on closing plus C$33.2 million two years later. HBC was to get a 25% equity stake in Le Tote. The buyer would retain the stores' inventory, with an estimated value of C$284.2 million. The deal required HBC to pay the stores' rent for at least three years, at an estimated C$77 million cash per year.

Le Tote opened its first physical location, inside a Lord & Taylor store in the Ridge Hill Mall in Yonkers, NY, in October 2019. It is referred to as a Rental Studio and customers can view a selection of inventory and sign up for the service there.

On August 2, 2020, Le Tote and subsidiary of Le Tote, Lord & Taylor filed for Chapter 11 bankruptcy protection citing the COVID-19 pandemic.

Snapshot

Founded2012
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Total value of jobs:
$2,225,000
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Average Pay:
$123,611
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Total Experts:
1
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% Masters:
22%

Top Experts at LE TOTE