Rent the Runway, an e-commerce platform that enables users to rent and buy designer clothing and accessories, has recently collaborated with Amazon Fashion in order to grow and become more profitable.
Jenn Hyman, Co-founder and CEO of Rent the Runway said, “Collaborating with Amazon Fashion brings Rent the Runway incredible brand awareness. We believe strategic relationships like this can ignite a new engine of growth for our business.”
To facilitate the pick-up and drop-off of rented items and to boost sales, the company has formed relationships with a number of retailers, including one hotel chain. And it has altered its business repeatedly, changing the levels of subscription fees and lowering the standards for used goods.
About a fourth of Rent the Runway’s staff were laid off in September, and the company unveiled a renewed emphasis on profitability. The business is still losing money, but its Q3 net loss decreased from US $ 87.8 million in the same period in 2021 to US $ 36.1 million this time around.
“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,” said Amazon Fashion President Muge Erdirik Dogan.
