The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK, United States — Renting office space at WeWork Cos.? Soon you'll be able to rent clothes there too.
Rent the Runway Inc. is opening a network of clothing drop-off boxes in 15 WeWork locations across the US. They will be placed in the lobbies of the co-working spaces, making them accessible for both the general public and those who work in the offices.
"This is really just the beginning," said Jennifer Hyman, chief executive officer of the clothing rental service. "We have subscribers in many places throughout the US and with WeWork's massive footprint, there's huge opportunity to grow this drop-box network."
The boxes were previously only available at Rent the Runway’s five physical stores. They became popular among the service’s subscribers — who pay a monthly fee for access to an “endless wardrobe” to swap items back and forth — as well as to those who rent single items. Normally, there’s a delay due to shipping times, but if you return it to a box, it immediately reopens a slot in your subscription and you can select something new right away.
ADVERTISEMENT
The deal marks a significant expansion for Rent the Runway’s physical presence. The company’s executives said WeWork’s members and real estate locations align well with the fashion service’s subscriber base of busy professional women.
Six Cities
The first WeWork locations to feature the boxes will be in New York, Los Angeles, Washington, San Francisco, Chicago and Miami. Temporary pop-ups, with clothes to rent, will appear at a few locations for the launch.
WeWork President Artie Minson said such tie-ups add to the community at its offices, which also have amenities such as soundproofed phone booths and common area lounges. He said he’s open to expanding the deal.
“Future extensions can include the ability to offer access to inventory and fulfilment within WeWork locations as this ongoing partnership evolves,” he said.
By Kim Bhasin; editors: Anne Riley Moffat, Lisa Wolfson and Jonathan Roeder.
Designer brands including Gucci and Anya Hindmarch have been left millions of pounds out of pocket and some customers will not get refunds after the online fashion site collapsed owing more than £210m last month.
Antitrust enforcers said Tapestry’s acquisition of Capri would raise prices on handbags and accessories in the affordable luxury sector, harming consumers.
As a push to maximise sales of its popular Samba model starts to weigh on its desirability, the German sportswear giant is betting on other retro sneaker styles to tap surging demand for the 1980s ‘Terrace’ look. But fashion cycles come and go, cautions Andrea Felsted.
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.