If you’re a girl, you’ve probably heard of this bag rental service, Bag Borrow or Steal. I read yesterday that the company got more than $8MM in venture capital financing (Seattle P-I has the details) and plans to use the money to expand its subscription service to other luxe goods, like watches and jewelry.

I’m not sure how successful they are, but the idea of this service sort of makes me want to puke. But first let’s discuss what’s interesting about it.

I think it’s bad news for the luxury brands. Do they really want just anybody who can afford the B.B.S. membership price of $19.95 to go around advertising their brand? Probably not. Which means that the perceived value of that kind of stuff should go down.

We here at BBalle already think that the value of conspicuous luxury goods is plummeting, largely due to the fact that people are already spending beyond their means so that they can look like a baller. Throw in the counterfeits and you’ve got an ugly situation over at LVMH. (Incidentally we believe that the true displays of wealth will have less to do with material goods and more with things that give you a better quality of life — a trend which has been covered extensively in the mainstream press).

Now, I don’t think there’s anything wrong with wanting to identify yourself with and experience the nice things in life. But I do think there is something sick about posing as if you can afford that shit when you just can’t. I think it would be great to rent a dress and maybe some jewelry for that special occassion.

But this is fundamentally different. This is about purses and watches — stuff that’s integrated with your regular day-to-day life. This is not like renting a tuxedo. Come ON people, get some backbone. What’s next, renting a rich (white???) face?

BBS CEO/President Michael Smith is quoted in the Seattle P-I as saying that the typical customer is the “Sex and the City” [girl]… She is well-to-do, affluent, urban, loves fashion and loves the finer things in life.”

I don’t know about you but that’s enough of a deterrent for me. Check out some comments of girls who have tried it out.