![]() It's also rolling out a new loyalty program that clarifies what consignors can earn - and when.Īnd a new data insights center will help increase price transparency Every consignor will now get a dedicated consignment concierge, reachable by text, email or phone, eliminating a significant amount The move comes as other tech-driven apparel companies are searching for new ways to sell used luxury items.Ĭhanges to its model, including a new consignor concierge service. And at a moment when many apparel companies are trimming their forecasts, citing slowerĬonsumer spending, it upped its guidance. Improvement from the $87.8 million it lost in the year-ago quarter. It trimmed losses to $36.1 million, a marked Last month, it posted $77.4 million in third-quarter revenue, a 31% increase - and a record. Offers items from more than 800 designer brands. The company which describes itself as the Closet in the Cloud, Rent the Runway completed the deal during its fiscal third quarter and says it contributed about $4.6 million to earnings. "We believe strategic relationships like this can ignite a new engine of growth for our business." Said Jenn Hyman, Rent the Runway co-founder and chief executive officer, in its announcement. "Collaborating with Amazon Fashion brings Rent the Runway incredible brand awareness," For example, there'sĪ Peter Som Collective color-blocked sherpa coat for $495 or a Derek Lam Collective turtleneck for $395. It says these limited-edition collections will stem from its proprietary data and insights. The Runway, which has made its name encouraging circular fashion through used clothing. ![]() Since 2020, it's also been selling clothes through a partnership with ThredUp.īut the new clothing from its Design Collective is a first for Rent Subscribers, a la carte renters and shoppers. On Amazon, Rent the Runway is offering selections from 35 brands in its "Pre-Loved" merchandise, much like the apparel it already offers ![]() Significant changes to its consignment process. The move comes as other tech-driven apparel companies are making changes, with Stitch Fix getting a new CEO and the RealReal announcing And in a twist that shows the company is trying to be as versatile as a cashmere scarf, it's selling clothes there - both the used high-end fashion items it's known for, and aĬollection of new clothes from its Design Collective.
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