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Rent The Runway Joins the Unicorn Club
Photo via Forbes, courtesy of Rent the Runway
Photo via Forbes, courtesy of Rent the Runway
Rent the Runway’s latest fundraising round—a $125 million investment led by Bain Capital Ventures and Franklin Templeton Investments—has pushed the company’s valuation to $1 billion.
Reflecting on the milestone, CEO Jennifer Hyman (MBA 2009), told Forbes that the company “has created a new consumer behavior of dynamic ownership and clothing rental has become an essential utility in our members’ lives.” Hyman goes on to say that RTR is meeting the market’s changing needs. “We’ve adapted to the modern woman’s need for wanting access—not necessarily ownership—to designer apparel, accessories and now home products,” she tells the magazine.
What’s behind RTR’s rapid rise? The article quotes a T. Rowe Price analyst, who notes that a key part of the company’s ascendance has been its ability to focus on two core tenets, saying that “Rent the Runway has consistently demonstrated an ability to innovate and improve its customer experience and technology.”
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