Rent the Runway Expands Into Children’s Apparel
Rent the Runway (RTR) is expanding its popular upscale women apparel rental service into children’s clothing. The new offering will function as an extension to RTR members’ current monthly subscription services, providing access to hundreds of sought-after brands at a fraction of the cost.
The initial launch will feature girls’ sizes 3Y to 10/12Y, and the platform will have built-in flexibility to add more than four items per rental order – perfect for ‘mommy-and-me’ dressing for special occasions and every day. RTR Kids is launching with thirteen designers including Chloé, Fendi, Stella McCartney, Little Marc Jacobs, Marni, Philosophy, Milly Minis, LoveShackFancy Kids, and more.
In continuing to increase the ease and convenience of a subscription to RTR, the company is launching “extra spots” for it “unlimited” and “update” memberships. The new feature allows members to add a limitless amount of additional spots to their current unlimited and update accounts. Members can increase their number of spots each month to as many as needed, with the ability to flex up or down each month. Each additional spot will cost $39 per month for unlimited, and $25 for update.
Rent the Runway was recently awarded a $125 million investment that brings the company’s total valuation to $1 billion, making it known as a “unicorn” startup. The new financing is the largest funding round Rent the Runway has raised to date, and brings total equity raised to approximately $337 million. The retailer said it would use the funding to broaden its assortment and category offerings, among other planned accelerations of its operations.