Rent the Runway Adds Resale Market without Membership
The fashion rental company has always allowed its members to purchase items that they’ve rented, and the items are typically tagged at a much lower price since they are used. Now, all customers can shop RTR’s closet of secondhand items.
Executive Summary
RTR is just the latest retailer to get into the resale market, following in the footsteps of Nike, lululemon and more. The additional markets come at a time when secondhand clothing is projected to continue growing at a rapid clip, enabling companies to reap the benefits financially while also making good on sustainability promises.
RTR’s announcement comes just after Etsy announced it was acquiring global fashion resale marketplace Depop for $1.62 billion. The deal underscores the rising demand for secondhand apparel, particularly among Gen Z and millennials.The secondhand market is projected to reach $64 billion by 2024, according to Etsy.
RTR stated that purchasing “pre-loved” items can help extend the life of a garment and divert waste of textiles from landfills. Sustainable fashion is also one of the attractors of RTR, which charges its members a monthly fee to rent apparel and accessories for a limited time.
“Complete flexibility is the future of fashion,” said CEO and Co-Founder Jennifer Hyman. “We have all been staring at closets full of clothes that went unworn for the past year, which has created a paradigm shift in how consumers are thinking about shopping and getting dressed. Resale is a natural complement to renting, and a logical next step as we continue to expand Rent the Runway’s value proposition.”