Is Rent the Runway due for a company name change? The women’s clothing rental service says it is entering the resale business, putting it in competition with a growing list of companies chasing the opportunity behind the fastest growing segment of the apparel market.
Rent the Runway has technically always been in the business of selling secondhand clothing. The company, primarily known for renting women’s apparel, has always offered previously worn merchandise for sale at a discount to its subscribers. Even so, co-founder and CEO Jennifer Hyman was surprised to see resales double during the pandemic months as subscribers chose in larger numbers to hold onto their rentals.
