Snapshot

Total funding: $337 million
Valued: $1 billion
Revenue: Unknown

Rent the Runway is a rental platform offering designer clothing and accessories for women. Users can rent items for a specific occasion or can subscribe to its monthly membership program. Rent the Runway credits itself with altering the way that women shop—buying less with the introduction of its Unlimited plan— but the company came under fire for operational issues as it has struggled to keep up with the rise of demand. While the company is currently the leader in rental, it will need to develop its technology and customer service practices further to maintain its position.

Nuuly, Le Tote, Gwynnie Bee, New York & Company Closet, Vince Unfold, REBECCA TAYLOR RNTD and My List at Bloomingdale’s.

2020

  • Launches 2 Swaps rental plan, allowing users to swap out four items two times each month for $135 per month.
  • Hires Brian Donato, a former Amazon Executive as Chief Supply Chain Officer.
  • Launches Rent the Runway Revive program at select Nordstrom Rack stores. Revive offers gently worn Rent the Runway garments. 
  • Announces it will launch a brand made from entirely recycled materials.

2019

  • Announces Nordstrom inventory will become available on the Rent the Runway platform. The two companies announced they will design collections together for Rent the Runway customers, based on user data.
  • Announces customers can drop off their rentals at Nordstrom stores. In June, Rent the Runway pilots the program in five Nordstrom stores then expands to 25 stores in November. 
  • Launches home decor rental offerings through a partnership with West Elm
  • Reaches a $1 billion valuation with funding led by Franklin Templeton Investments and Bain Capital Venture.
  • In October, Rent the Runway co-founder Jennifer Fleiss steps down as the CEO of Jet Black, a Walmart owned members-only concierge service.
  • In October, announces its “system updates” are complete and the platform is up and running as usual. Citing problems with its supply chain are over and it can resume taking new customers.
  • In September, hundreds of customers take to the company’s Twitter and Facebook pages complaining about canceled deliveries and lack of communication from customer service teams. 
  • In July, co-founder Jennifer Fleiss sends  an email to all members apologizing for slow shipping and untimeliness from the customer service team.
  • Opens the largest flagship store in San Francisco.
  • Reports the Unlimited subscription service program grew by 160% since last year. 

2018

  • Announces it partnered with Temasek for a $200 million credit facility. Financing planned to help expand the subscription service. 

2016

  • Announces the company is profitable. 
  • Launches Unlimited monthly subscription service, expanding beyond occasion dresses and into workwear. 

2009

  • In November, Jennifer Hyman and Jennifer Fleiss launch Rent the Runway.