Avelle announced its
plans to change the company name back to Bag Borrow or Steal on July 20.
The company was founded in 2004 as Bag Borrow or Steal.
The rental website offers designer handbags, jewelry,
watches, and sunglasses from Chanel, Chloe, Gucci, Louis Vuitton, and
Prada, among others. The website became well-known after it was highlighted in the first Sex and the City movie. The company also features a private sale site, where members can purchase new or gently used designer items.
“A few years ago the company felt it had outgrown the name
Bag Borrow or Steal. However, fashionistas and customers never stopped calling
us Bag Borrow or Steal so we listened and changed our name,” CEO Russ Blain
said in a statement.
The company successfully closed a new round of capital, and
raised up to $4 million from a group of investors led by Kuwait Holding Company
and the Atelier Fund, both of which are shareholders.