Jan 13, 2023
Rent the Runway launches Amazon Fashion storefront
Jan 13, 2023
Online clothing rental firm Rent the Runway announced on Thursday the launch of a new Amazon Fashion storefront offering a selection of its preloved and design collective apparel to Amazon Fashion customers.
Founded in 2009, Rent the Runway allows customers to rent clothes and shop second-hand merchandise from over 800 designers. The collection of preloved merchandise includes hundreds of styles from over 35 brands, offering Amazon Fashion customers another affordable way to refresh their wardrobes.
Moreover, the company is introducing an exclusive selection of merchandise from its design collective, where top design talent get an opportunity to create limited-edition collections informed by Rent the Runway’s proprietary data and insights from its community of customers.
Through this launch with Amazon Fashion, Rent the Runway deepens its commitment to being a customer discovery platform for designer brands by expanding its reach to new audiences.
"Collaborating with Amazon Fashion brings Rent the Runway incredible brand awareness," said Jenn Hyman, Rent the Runway co-founder and CEO. "We believe strategic relationships like this can ignite a new engine of growth for our business. They also showcase demand for our products beyond our community and allow more customers to experience exclusive data-driven fashion from our top design partners.”
Muge Erdirik Dogan, president of Amazon Fashion, added: “At Amazon Fashion, we continually expand our assortment through strategic relationships with brands to inspire and delight our customers. Rent the Runway’s collection continues to grow our offering in pre-loved and designer fashion.”
In its third quarter, the New York-based company said total revenue reached $77.4 million, a 31% increase year-over-year. The financial impact of the launch with Amazon Fashion was largely reflected in third-quarter earnings results.
Looking ahead, Rent the Runway expects full-year revenue in the range of $293 million to $295 million, with adjusted EBITDA margin of 1%.
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