Rent The Runway news and archive

Rent the Runway Q3 revenues up by 4.7 percent

Rent the Runway reported third quarter revenue of 75.9 million dollars, a 4.7 percent increase year-over-year. For fiscal year 2024, the company expects revenue growth of between 2 percent to 4 percent and adjusted EBITDA margin of 15 percent to 16 percent. “Rent the Runway has realigned our company talent and ways of working this year to be...

Business

Rent the Runway partners with the Dallas Cowboys Cheerleaders

Rent the Runway, a rental service offering designer apparel and accessories has partnered with the Dallas Cowboys Cheerleaders to further its connection to its local customers. To mark the start of the partnership, Rent the Runway has launched a new holiday campaign that celebrates the women of the team, both on the field and off the field. In...

ManagementFeatured

Q1 of 2024 marked by series of job cuts

The first quarter of the year has outlined the tough reality of the current market, with last year’s challenging financial period leaving many companies with no option but to initiate strategic reviews. And, as part of this process, inevitably the question of jobs comes into play, with roles, departments and geographies coming under the...

Retail

Some clothing rental businesses are seeing subscribers dwindle

Monthly subscription fees ranging from 79 to 240 dollars for rented clothes may be perceived as an unnecessary expense, prompting subscribers to cancel their memberships. It is one of the reasons companies like Rent the Runway is banking on clothing from in-demand designers to retain customers and counter recent subscriber losses, while rival...

Business

Rent the Runway to axe 10 percent of corporate jobs

Rent the Runway is to implement a workforce reduction, impacting 37 corporate positions, about 10 percent of its staff, and the resignation of COO and president Anushka Salinas, according to a filing with the U.S. Securities and Exchange Commission (SEC). The move is part of a strategic initiative to invest in growth areas such as marketing and...

Report

Rent the Runway posts decline in Q3 revenue

For the third quarter, Rent the Runway revenue was 72.5 million dollars, a 6.3 percent decrease, while gross profit was 25.2 million dollars, down 20.8 percent and gross margin was 34.8 percent. Net loss for the quarter contracted to 31.5 million dollars, while adjusted EBITDA dropped to 3.5 million dollars and adjusted EBITDA margin to 4.8...

ManagementFeatured

Rent the Runway welcomes 10.6 percent revenue increase for Q1 2023

Rent the Runway (RTR) has outlined its financial results for the first quarter ended April 30, 2023, where it viewed improvements all round. The rental platform reported a 10.6 percent increase YoY in its revenue, up from 67.1 million dollars in the same period last year to 74.2 million dollars. Its active subscribers count also rose 7.6 percent...

ManagementFeatured

Rent the Runway revenues increase, targets 25 percent active subscriber growth

Rent the Runway (RTR) has welcomed positive financial results for FY22, notably achieving a 46 percent revenue growth as it completes its financial transformation. For the year ended January 31, 2023, the rental platform reported a revenue of 296.4 million dollars, up from 203.3 million dollars in FY21. While its gross profit also saw an...

Business

Rent the Runway to add extra item to each order in new customer initiative

Rent the Runway (RTR) has announced a new initiative which will see it add one extra item to every shipment under its rental subscription programme in a bid to evolve the customer experience. Entitled ‘Era of Extra’, the move comes as part of RTR’s ongoing strategy to reinvest in the customer, a multi-faceted factor that was introduced in the...

Report

Rent the Runway secures extended credit facility as part of debt restructuring

Rent the Runway (RTR) has announced an amended credit facility with its existing lender and administrative agent Double Helix, extending the maturity date from October 2024 to October 2026. The facility will also reduce cash interest payments, totalling over 20 million dollars in cash over the next two years. Previously set at 12 percent total...

Report

Rent the Runway’s Brian Donato to take on new chief revenue officer role

Rental platform Rent the Runway (RTR) has announced its chief supply chain officer Brian Donato will be assuming the newly created role of chief revenue officer, effective immediately. In response, Drew Rau, who is currently serving as VP, inventory performance, will be expanding his role to SVP, supply chain and inventory, becoming part of the...

Business

Rent the Runway partners with Amazon Fashion on pre-loved offer

Rent the Runway has announced a new partnership with Amazon Fashion which sees it launch a storefront on the marketplace’s website to sell a selection of its pre-loved and Design Collective apparel. Among the rental brand’s pre-loved merchandise will be hundreds of styles from over 35 brands, spanning casual wear, workwear, eveningwear and...