Le Tote
| File:Le Tote logo.png | |
| Company type | Private |
|---|---|
| Industry | Retail |
| Founded | 2012 |
| Founders | Brett Northart Rakesh Tondon |
| Headquarters | , |
| Services | Clothing rental |
| Owners | Saadia Group |
Le Tote operated as an American online rental service specializing in women's apparel through a subscription box format. Established in 2012 by Brett Northart and Rakesh Tondon, the company concentrated on providing everyday clothing rentals, setting itself apart from competitors such as Rent the Runway, which primarily focus on luxury attire for special occasions.
In 2019, Le Tote purchased the long-standing department store chain Lord & Taylor from Hudson's Bay Company for an initial payment of C$99.5 million, with an additional C$33.2 million due two years later. The agreement granted HBC a 25% ownership interest in Le Tote, allowed HBC to retain Lord & Taylor's inventory valued near C$284.2 million, and required HBC to cover store lease expenses for at least three years, estimated at approximately C$77 million annually.
Facing challenges during the COVID-19 pandemic, Le Tote and Lord & Taylor filed for Chapter 11 bankruptcy protection on August 2, 2020. Subsequently, the investment firm Saadia Group acquired both entities in October 2020.
In the same year, Le Tote initiated legal action against Urban Outfitters concerning its rental service Nuuly, accusing the company of improperly using confidential information obtained during acquisition negotiations. The jury in the Eastern District of Pennsylvania unanimously ruled in favor of Urban Outfitters.
By March 2024, it was reported that Saadia Group had effectively ceased operations of Le Tote after defaulting on a $45.3 million loan, resulting in loss of control over inventory. The Le Tote website went offline early in 2024 following consumer reports of delayed shipments and difficulties with order cancellations; the last publicly available archived version was captured on February 19, 2024.