Rent the Runway opens a shop on Amazon in a move that suits both brands.
In a press release on Thursday (January 12), ‘Pre-Loved’ second-hand designer apparel marketplace will launch a digital storefront to bring its products to a wider audience – users of the largest e-commerce platform. announced that it will
Jenn Hyman, co-founder and CEO of Rent the Runway, said: “We believe that strategic relationships like this can ignite new growth engines for our business. We empower you to experience exclusive data-driven fashion from our top design partners.”
Also See: Luxury Resale Competition Soars As ‘What Goes Around’ Opens Amazon Storefront
A new line of apparel for purchase is at the heart of plans to make rentable luxury fashion popular with trend-conscious Amazon users. rental runway.com.
The Design Collective is RTR’s way of “giving top design talent the opportunity to create exclusive collections based on Rent the Runway’s own data and insights from its customer community.”
According to the release, Design Collective’s items are “one of the company’s most popular” items, and “Through this launch with Amazon Fashion, Rent the Runway will give designer brands an even wider stage to We deepen our commitment to being the customer discovery platform for designer brands to introduce their products to new audiences.”
This fits Amazon Fashion’s strategy of going deeper into the world of designers by hosting the Oscar de la Renta streaming show on its site instead of during Fashion Week in December. .
Read more: Oscar de la Renta CEO chooses Amazon over Fashion Week for customer acquisition
In other words, streaming fashion directly to consumers could become a big deal for the e-commerce giant.
In November, Amazon Fashion partnered with Snapchat to offer a virtual try-on (VTO) selling experience starting with eyewear. Amazon will launch his VTO of shoes in early 2022 using artificial reality (AR) and virtual reality (VR) technology to move goods and ideally enhance fit and surprise. We reduced returns by doing less.
Also read: Amazon Fashion and Snap Launch, a virtual try-on feature for the masses
As for the new deal with RTR, it’s all about expansion in areas we don’t yet dominate.
Amazon Fashion President Muge Erdirik Dogan said in the announcement: “The Rent the Runway collection continues to expand the beloved designer’s fashion offering.”
RTR is on a mission to reach break-even, and working with Amazon Fashion could contribute to that goal.
During its third quarter 2022 earnings call in December, Hyman noted 31% year-over-year revenue growth, stating: Subscriber numbers increased he 8% quarter-over-quarter. ”
She also said, “Cyber Monday marked the second-highest subscriber acquisition day in our company’s history.”
But Amazon’s luxury fashion ambitions have caused trouble with the European Court of Justice, which ruled in favor of luxury brand Louboutin. In a 2019 lawsuit, the boutique alleged that Amazon was selling inauthentic red-soled shoes—a Louboutin trademark look.
See also: Amazon warns European Court of Justice in Louboutin lawsuit
Rent the Runway’s stock is below $5 a share, down about 75% from its post-IPO peak in October 2021, but it’s the fastest company in the resale sector to go public in the past month. Investor interest in one of the has returned, with a 40% bounce.
PYMNTS Data: Why Consumers Are Trying Digital Wallets
According to the PYMNTS survey, New Payment Options: Why Consumers Are Trying Digital Wallets, 52% of US consumers will try new payment methods in 2022, with many choosing to try digital wallets for the first time. bottom.
