Latest news with #JenniferHyman
Bloomberg
4 days ago
- Business
- Bloomberg
Rent the Runway's Comeback Plan
Rent The Runway's subscriber base is growing as the fashion rental company reworks its business model by offering more brands and debuting a new rewards program. Jennifer Hyman, CEO of Rent The Runway joined Bloomberg Open Interest to talk about the revamp. (Source: Bloomberg)
Business of Fashion
5 days ago
- Business
- Business of Fashion
Rent the Runway Forecasts Double-Digit Subscriber Growth in 2025
After hitting a key profitability milestone last year, Rent the Runway is back in growth mode. The rental service ended its most recent quarter with a record number of active subscribers — up 1 percent from last year — after setting in motion plans to double its inventory in 2025, the company said Thursday. Revenue in the three months ending April 30 fell 7.2 percent year-over-year, to $70 million, while net loss increased to $26 million from $22 million in the first quarter of 2024. For the full fiscal year, Rent the Runway forecasts 'double-digital growth' in active subscribers. Shares rose 12 percent Thursday afternoon. Earlier this year, the company announced an aggressive plan to increase inventory, responding to an oft-cited point of friction among users that new or popular products are frequently out-of-stock. In conjunction with its 'We Heard You' campaign, Rent the Runway increased inventory orders by 24 percent year on year in the first quarter of 2025 and has plans to ramp up inventory by 134 percent in the remainder of the year, projecting to launch more than 90 new brands. Customer response has been encouraging based on improved engagement, the company said. Subscriber retention is at a four-year high, co-founder and chief executive Jennifer Hyman told The Business of Fashion, while products in the first quarter have seen a 23 percent rise in share of views, with 46 percent more hearts — how users favour products to select what pieces to rent — compared to last year. 'Last year, we proved the business model and the unit economics of the model work. The industry of rental is now mainstream. Millions of women are now renting clothes every single year, and now is the time to invest again in growth,' Hyman said. 'Given the model fundamentally works, we're playing offense.' Last year, Urban Outfitter's rental service Nuuly eclipsed Rent the Runway to become the biggest fashion rental company in terms of active subscribers. As part of its growth plan, Rent the Runway is leaning into what makes its offering differentiated, Hyman said. Whereas the Nuuly customers favour more casual styles, the Rent the Runway shopper seeks professional and occasion-driven styles with a 'playful, feminine and polished aesthetic,' as Hyman puts it. Rent the Runway has also expanded its slate of customer features, including a styling concierge service, a personalised website interface and back-in-stock notifications. 'I have never had more conviction for the future of the company,' Hyman said. Learn more: How Rent the Runway Came Back From the Brink The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.
Yahoo
15-05-2025
- Business
- Yahoo
Rent the Runway to Report First Quarter 2025 Results on June 5, 2025
NEW YORK, May 15, 2025 (GLOBE NEWSWIRE) -- Rent the Runway, Inc. ('Rent the Runway') (Nasdaq: RENT) announced today that it expects to release its first quarter 2025 financial results for the quarter ended April 30, 2025 on Thursday, June 5, 2025, after market close. Rent the Runway will host a conference call and live webcast with the investment community at 4:30 p.m. Eastern Time that same day to discuss its results and to provide a business update. The financial results and live webcast, including presentation materials, will be accessible through the Investor Relations section of Rent the Runway's website at under the 'Events' section. To access the call through a conference line, dial 1-877-407-3982 (in the U.S.) or 1-201-493-6780 (international callers). A replay of the conference call will be posted shortly after the call and will be available for at least fourteen days. To access the replay, dial 1-844-512-2921 (in the U.S.) or 1-412-317-6671 (international callers). The access code for the replay is 13753946. About Rent the Runway Founded in 2009, Rent the Runway is disrupting the trillion-dollar fashion industry and changing the way women get dressed through the Closet in the Cloud. RTR's mission has remained the same since its founding: powering women to feel their best every day. Through RTR, customers can subscribe, rent items a-la-carte and shop resale from hundreds of designer brands. The Closet in the Cloud offers a wide assortment of millions of items for every occasion, from evening wear and accessories to ready-to-wear, workwear, denim, casual, maternity, outerwear, blouses, knitwear, loungewear, jewelry, handbags, activewear and ski wear. RTR has built a two-sided discovery engine, which connects deeply engaged customers and differentiated brand partners on a powerful platform built around its brand, data, logistics and technology. Under CEO and Co-Founder Jennifer Hyman's leadership, RTR has been named to CNBC's 'Disruptor 50' five times in ten years, and has been placed on Fast Company's Most Innovative Companies list four times, while Hyman herself has been named to the 'TIME 100: Most Influential People in the World" and as one of People Magazine's 'Women Changing the World." ContactsPresspress@ Investor Relationsinvestors@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
25-03-2025
- Business
- Yahoo
Rent the Runway to Report Fourth Quarter and Fiscal Year 2024 Results on April 15, 2025
NEW YORK, March 25, 2025 (GLOBE NEWSWIRE) -- Rent the Runway, Inc. ('Rent the Runway') (Nasdaq: RENT) announced today that it expects to release its fourth quarter and fiscal year 2024 financial results for the quarter and year ended January 31, 2025 on Tuesday, April 15, 2025, before market open. Rent the Runway will host a conference call and live webcast with the investment community at 8:30 a.m. Eastern Time that same day to discuss its results and to provide a business update. The financial results and live webcast, including presentation materials, will be accessible through the Investor Relations section of Rent the Runway's website at under the 'Events' section. To access the call through a conference line, dial 1-877-407-3982 (in the U.S.) or 1-201-493-6780 (international callers). A replay of the conference call will be posted shortly after the call and will be available for at least fourteen days. To access the replay, dial 1-844-512-2921 (in the U.S.) or 1-412-317-6671 (international callers). The access code for the replay is 13752693. About Rent the Runway Founded in 2009, Rent the Runway is disrupting the trillion-dollar fashion industry and changing the way women get dressed through the Closet in the Cloud. RTR's mission has remained the same since its founding: powering women to feel their best every day. Through RTR, customers can subscribe, rent items a-la-carte and shop resale from hundreds of designer brands. The Closet in the Cloud offers a wide assortment of millions of items for every occasion, from evening wear and accessories to ready-to-wear, workwear, denim, casual, maternity, outerwear, blouses, knitwear, loungewear, jewelry, handbags, activewear and ski wear. RTR has built a two-sided discovery engine, which connects deeply engaged customers and differentiated brand partners on a powerful platform built around its brand, data, logistics and technology. Under CEO and Co-Founder Jennifer Hyman's leadership, RTR has been named to CNBC's 'Disruptor 50' five times in ten years, and has been placed on Fast Company's Most Innovative Companies list four times, while Hyman herself has been named to the 'TIME 100: Most Influential People in the World" and as one of People Magazine's 'Women Changing the World." ContactsPresspress@ Investor Relationsinvestors@
