It's a website for the bag hags who cannot afford to buy these coveted and uber expensive purses but are sooo willing to rent 'em out. All you need to do is sign in and pay a membership fee of $60 and viola, that Prada you're eyeing for is not far from reach no more (but I am pretty sure it's only applicable to the US residents).
Personally, I am not that thrilled with this idea. I'd rather work my ass off to buy one for myself rather than strut it knowing I just loaned it.
Well, to each his own.