Rent the Runway, founded in 2009, operates a circular fashion model that provides access to designer apparel and accessories for rental. The company pioneered what it calls the "Closet in the Cloud," a platform that allows customers to rent high-value clothing rather than purchase it outright. The average retail value of a shipment is $2,140.
The company's technical operations are built around proprietary technology and reverse logistics systems. It maintains a community of over 9 million members and partners with hundreds of brands. Its operational footprint includes facilities in Secaucus, New Jersey, and Dallas, Texas.
Rent the Runway has been recognized on CNBC's Disruptor 50 list five times and has appeared on Fast Company's Most Innovative Companies list multiple times. The company states its mission is to power women to feel their best every day, with a focus on sustainability and financial savviness.
