Bonobos just quietly changed one of the biggest things that set them apart
The brand's pants are just as popular as ever. The startup's return policy, though: not so much.
The policy has gone through several different iterations in its nearly 9 years of existence. It started with a policy of "lifetime" returns, which meant that customers could return any item to the e-tailer at any time.
That was changed to a still-extremely-generous 365-day return policy in 2012. A year later, in 2013, it was changed yet again, and the 365-day policy applied only if you were exchanging an item or returning it for store credit. Cash returns were subject to a 90-day policy.
A spokesperson for Bonobos told Business Insider:
This change brings it more in line with typical e-commerce retailers like Net-A-Porter, which offers only 28 days to return an item, and Combatant Gent, which offers 30 days to return and 60 to exchange. Everlane carries a more generous 90-day return policy, however.
One theory for why the company was forced to change its policy is how much "strategic customers" - customers who take full advantage of generous policies - can cost a company like Bonobos.
In a 2014 Medium post, startup founder Soren Larson wrote that, since Bonobos clothing ships without tags, it was easy to test-drive a piece of clothing, even wearing it out a number of times, before ultimately sending it back to the company and ordering something else at no additional cost.
A sale to a strategic customer is therefore not really a sale, but more of a loan, Larson said. Bonobos made money on the bet that only a small number of its customers will be so strategic.
Bonobos confirmed to Business Insider that no other similar changes are on the horizon. It has raised a total of $128 million in venture capital.