Rent the Runway appoints Paige Thomas as CEO amid $97.7M Q2 revenue
Rent the Runway appointed Paige Thomas as CEO effective Monday, after reporting Q2 revenue of $97.7 million. Its active subscriber base slipped nearly 4% to 140,826, while gross margin expanded 610 basis points to 36.1%.
Thomas, who joined Rent the Runway in June, previously served as chief commercial officer and spent a decade at Nordstrom, including five years at Nordstrom Rack. She succeeds Teri Bariquit, the former Nordstrom chief merchant who had been interim CEO since May and was named non‑executive board chair. In Q2, Rent the Runway also narrowed its net loss to $12.9 million, down more than 50% from the prior year.
“In a statement, Bariquit said that in Q2 the company focused its resources on its core rental offer “and began building a 2027 plan centered on transforming the business,” Bariquit, interim CEO said.
Four years ago, during her tenure at Saks, the off-price business partnered with Rent the Runway, in a program where customers could buy once-rented designer items from the Saks Off 5th website. That website was shuttered when Saks Off 5th’s e-commerce business liquidated early this year as part of owner Saks Global’s bankruptcy. Nordstrom Rack also began selling garments from Rent the Runway in 2020.
What we know
Rent the Runway has promoted Chief Commercial Officer Paige Thomas to CEO, effective Monday.
Total revenue rose nearly 21% year over year to $97.7 million, while the number of active subscribers declined nearly 4% to 140,826.
Gross margin expanded by 610 basis points to 36.1%, and net loss shrank by more than 50%, reaching $12.9 million.