Saks Off 5th isn’t the first off-price retailer Rent the Runway has partnered with.
Rent the Runway has had a resale component starting back in 2016, when it began giving subscribers the option to purchase items they rented and already had at home, a company spokesperson told Modern Retail. “Whether renting or shopping resale, the secondhand economy is a critical part of creating a more sustainable future for our industry.” “This partnership with Saks Off 5th bolsters and reinforces Rent the Runway’s mission to introduce an even wider audience to the immense value–both environmental and financial–of pre-loved fashion,” said Hyman in the announcement. With this partnership, Rent the Runway customers now have the option of renting clothing on an à la carte or subscription basis, or shopping resale items from either Rent the Runway or its retail partners.
However, Rent the Runway is still consistently losing money, reporting $42.5 million in losses during the period ending April 30, as compared to $42.3 million during the first quarter of the year 2021.įor Rent the Runway, the deal with Saks Off 5th further builds on the rental service’s goal of getting more out of its inventory and giving customers more ways to shop. In its 2022 first-quarter earnings, Rent the Runway said active subscribers jumped 82%, and it doubled revenue year-over-year, to $67.1 million. Of the decision to go into resale, Rent the Runway’s co-founder and CEO Jennifer Hyman, told CNBC last year that it’s “another engine of growth and a fuller realization of our value proposition.” Betting on a broader customer base with more flexible rental and resale is a big pillar in Rent the Runway’s post-Covid recovery strategy.
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