Rent the Runway Launches Pre-Loved and Design Collective with Amazon Fashion
January 12 2023 - 10:00AM
Rent the Runway, Inc. (“Rent the Runway”) (Nasdaq: RENT) the
largest shared designer closet, is launching a new Amazon Fashion
storefront to sell a selection of its Pre-Loved and exclusive
Design Collective apparel.
The collection of Pre-Loved merchandise includes hundreds of
styles from over 35 brands, spanning casual weekend wear, workwear,
date night apparel and seasonal essentials like sweaters, tops,
coats and denim. This new online storefront will offer Amazon
Fashion customers another affordable way to refresh their
wardrobes.
In addition, the company will introduce an exclusive selection
of merchandise from its Design Collective, only available new
through Amazon Fashion and renttherunway.com. Through Design
Collective, Rent the Runway gives top design talent an opportunity
to create limited-edition collections informed by Rent the Runway’s
proprietary data and insights from its community of customers. As a
result, these pieces are amongst the company’s most popular.
Through this launch with Amazon Fashion, Rent the Runway deepens
its commitment to being a customer discovery platform for designer
brands by providing an even wider stage for them to introduce their
products 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."
“At Amazon Fashion, we continually expand our assortment through
strategic relationships with brands to inspire and delight our
customers,” said Muge Erdirik Dogan, President of Amazon Fashion.
“Rent the Runway’s collection continues to grow our offering in
pre-loved and designer fashion.”
Customers can discover Rent the Runway’s dedicated brand store
by visiting amazon.com/stores/renttherunway with products eligible
for free shipping and returns for Prime members.
The financial impact of this launch was
largely reflected in RTR’s third-quarter earnings results in Other
Revenue and Adjusted EBITDA. RTR is not updating the financial
guidance for Q4’22 and FY2022 that was shared on its December 7,
2022 earnings call.
About Rent the RunwayFounded 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,
the world’s first and largest shared designer closet. 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 over 800 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, ski
wear, home goods and kidswear. 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.”
Media Contactspress@renttherunway.com
Cautionary Statement Regarding Forward-Looking
StatementsForward-looking statements include all
statements that are not historical fact, including statements
related to the impact of the Amazon partnership on Rent the
Runway’s brand awareness, business and mission, and value to
designer brands. Forward-looking statements involve substantial
risks and uncertainties that may cause actual results to differ
materially from expectations. These risks and uncertainties are
more fully described in our filings with the Securities and
Exchange Commission, including in the section entitled “Risk
Factors” in Rent the Runway’s Quarterly Report on Form 10-Q for the
quarter ended October 31, 2022, and subsequent reports that Rent
the Runway files with the Securities and Exchange Commission.
Forward-looking statements represent Rent the Runway’s beliefs and
assumptions only as of the date of this post. Rent the Runway
disclaims any obligation to update forward-looking statements,
except as required by law.
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