Rent the Runway sees its number of active subscribers grow, but financial pressures remain high at the designer fashion rental company.
Prices up
The number of active subscribers rose 13.4 % in the second quarter to 146,400. Rent the Runway increased inventory to offer more choice, while the retailer held physical events to increase engagement and updated its app and digital environment. Sales increased 2.5 % to 80.9 million US dollars (74 million euros), but gross profit fell 25 % to 24.3 million dollars (22 million euros). The company’s net loss even reached 26.4 million dollars (24 million euros). On 1 August, the company implemented its first price increase in three years (two dollars per item) to offset inflation and import tariffs.
