If you can't BE rich, you can always LOOK rich. That's the premise behind a whole range of Internet based luxury-item rental firms, attracting venture capital and earning breathless encomiums from the morally-neutered flackmeisters of conusmer media. Take Bag Borrow Steal, please: this Seattle-based Internet firm rents out super-pricey handbags to a growing cadre of designer-brand dupes. Time explains all:

Now that the middle class is scrambling for brand-name luxuries, borrowing has become the next-best way to look rich. A cadre of Internet-based vendors have started lending high-status gear. Five other handbag-loan entrepreneurs ventured out this past year, and jewelry will soon be added to the mix. If that's not prestigious enough, some new clubs offer a rotating selection of vintage cars or the latest extravagant ones. "I believe this is a game-changing business model," says Adam Dell, brother of computer magnate Michael and a venture capitalist who in June invested an undisclosed amount in Bag Borrow or Steal. "Ownership is something that consumers are beginning to recognize as a fleeting thing."

Mylackey.com and Homegrocer.com were fleeting things, too. I give this trend about 16 months tops, after which all these firms will be so much roadkill. True: life is uncertain. So take a walk on the beach, breathe deeply, and quietly watch the heron spread its wings. Leasing luxury handbags or jewelery comes in neck and neck with renting a stretch Hummer in the class(less) sweepstakes.

BUY a nice versatile handbag for about $150, forget about the fashionistas, and make a donation to the Heifer Project.

When the Dirty Bomb drops, you'll feel better, believe me.

TECHNORATI TAGS: HANDBAG, RENTALS, INTERNET, STATUS-SEEKING, DIRTY BOMB

Posted by Matt Rosenberg at December 12, 2005 11:58 AM