Full-Time
Confirmed live in the last 24 hours
Fashion rental service for designer clothing
Junior, Mid
Union City, NJ, USA
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Rent the Runway offers a service that allows customers to rent designer clothing and accessories, primarily targeting women who want to update their wardrobe without the commitment of buying items. The company operates on a subscription model with various plans that provide flexibility, such as a set number of items per month or unlimited swaps. Customers can also opt for one-time rentals for special occasions. Rent the Runway generates revenue through subscription fees and one-time rental charges, making high-end fashion accessible at lower prices. The company manages all logistics, including dry cleaning and shipping, ensuring a hassle-free experience for users. By promoting a sharing economy and sustainability, Rent the Runway aims to reduce fast fashion waste while providing a practical solution for stylish living.
Company Size
501-1,000
Company Stage
IPO
Total Funding
$390.3M
Headquarters
New York City, New York
Founded
2009
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Paid Time Off including vacation, paid bereavement, and family sick leave - every employee needs time to take care of themselves and their family.
Universal Paid Parental Leave for both parents + flexible return to work program - because we know your newest family member(s) deserve your undivided attention.
Paid Sabbatical after 5 years of continuous service - Unplug, recharge, and have some fun!
Exclusive employee subscription and rental discounts - to ensure you experience the magic of renting the runway (and give us valued feedback!).
Comprehensive health, vision, dental, FSA and dependent care from day 1 of employment - Your health comes first and we’ve got you covered.
401k match - an investment in your future.
Company wide events and outings - our team spirit is no joke - we know how to have fun!
Flexible Work Policy: Hybrid Work - when our corporate employees return to the office post COVID they will have the option to work remotely 2-3 days a week, in accordance with Company policies.
The retail sector is witnessing changes, with direct-to-consumer (D2C) brands leading innovation. As 2024 wanes, key trends influence how consumers interact with brands and make purchasing decisions. From artificial intelligence-powered personalization to a greater emphasis on sustainability, D2C retailers are adjusting to the changing expectations of today’s shoppers. AI-Driven Personalization
After focusing on cost-cutting and margin improvement from 2020 to 2023, Rent the Runway is now back in “growth mode,” according to CEO Jennifer Hyman. As 2024 winds down, Rent the Runway is focusing on its subscription business, with the November launch of a new $119/month subscription tier aimed at expanding its customer base and positioning the company for growth in 2025, Hyman said Monday (Dec. 9) during the company’s third-quarter earnings call. High Engagement, Diverse Use Cases
In order to help your bank navigate these challenging times, we have pulled together a series of news, webinars, podcasts and research to give you all the essential intelligence you need.
Rent the Runway has filed paperwork announcing their intent to go public. Learn what you need to know about a Rent the Runway IPO and join Public.com to start investing.
In other company news, Rent the Runway is planning to open a store in New York City to enhance customer engagement and is investing in marketing initiatives and brand events to drive sales growth.
Walmart has launched a traveling tour that will promote the fashion products and services the retailer offers in stores and online.The Walmart Style Tour, which will be held at 40 events across the United States in September and October, offers styling tips, color analysis and giveaways, the retailer said in a Friday (Sept. 6) press release.The first event on the tour started Friday at the Taste of Chicago, according to the release.“We’re constantly looking for new ways to meet our customers where they are and add value to their lives,” Kim Tunick, group director, brand experiences and partnerships at Walmart, said in the release. “The Walmart Style Tour is the first time we are creating this kind of experience for fashion and can’t wait to bring it to communities across the country at events we know our customers are already planning to attend.”At each stop on the tour, the retailer will display a selection of Walmart Finds shoppable by QR code, deliver styling tips from experts, provide a free color analysis, and offer personalized giveaways like lipsticks, totesand candles, according to the release.“The Walmart Style Tour is designed to shorten the distance between inspiration and commerce, making it easier than ever to discover and shop fall fashion on Walmart.com, the Walmart app and Walmart stores,” the retailer said in the release.Walmart has launched websites that feature the schedule of the Walmart Style Tour and the products that will be featured at the events.Online fashion rental service Rent the Runway (RTR) is also focusing on in-person events. RTR executives said Thursday (Sept. 5) during the company’s quarterly earnings call that a significant part of RTR’s strategy involves reenergizing its in-person presence, including a Southeast roadshow and mobile tour this fall.“In real-life events, we’ve seen hundreds of women standing around the block to get into events,” RTR CEO Jennifer Hyman said during the call. “Reigniting everything around marketing will not only drive higher org traffic, but higher customer engagement.”Media companies, too, are launching in-person experiences to cater to consumers who are looking to attend events, PYMNTS reported in June
Well, Air France has teamed up with Rent the Runway to make this dream a reality.
As brands reckon with the reemergence of brick-and-mortar as a key priority for consumers, Rent the Runway said an eCommerce-only approach will no longer cut it in the fashion world. The clothing subscription service asserted on a call with analysts Thursday (June 6) discussing its first-quarter fiscal 2024 earnings results that this in-person access is essential for growth. “Our focus has been on reigniting our in-real-life presence,” Rent the Runway CEO Jennifer Hyman said during the call. “We believe that in-real-life experiences, stores and pop-ups must be a big part of our brand moving forward to grow. I do not believe that a brand in the fashion space can grow on digital alone.”
Just like fashion itself, demand for clothing e-commerce IPOs can be fickle.
As consumers demand more frictionless experiences from their eCommerce merchants, Rent the Runway is seeing its digital rethink drive higher retention. The company shared in a presentation Wednesday (April 10), alongside its fourth quarter and full year fiscal 2023 financial results, that it saw loyalty rise 10% year over year following improvements to the user experience on its digital platforms. “[We] will be … continuing the digital product innovation we started in 2023 to drive increases in conversion and loyalty,” Rent the Runway CEO Jennifer Hyman told analysts on a call