Rent the Runway reports record Q2 revenue and names new CEO

Rent the Runway has reported record second-quarter revenue of $97.7 million, representing a 20.8% increase from the previous year. The company’s gross profit margin rose to 36.1%, up from 30% in the prior year period. This growth was driven by higher revenue per subscriber, increased add-on bookings, and subscription price increases.

In conjunction with these financial results, the company announced a leadership transition. Paige Thomas, who joined the company as chief commercial officer in June, will become chief executive officer, president, and a board member effective September 14. Thomas brings over 30 years of retail experience from roles at Signet Jewelers, Saks OFF 5TH, and Nordstrom.

Interim CEO Teri Bariquit will transition to the role of non-executive chair of the board on September 14. The company is shifting its strategic focus toward positioning itself as a premium fashion service platform, emphasizing its core rental and resale business models.