Rent the Runway is expanding into resale to enable customers to buy used designer clothes from the business in addition to renting them.
As per CNBC reports, customers will not require any membership to bu these clothes as Rent the Runway looks to broaden its reach and give shoppers more feasible entry points. Previously, only paying members were able to buy gently used Rebecca Minkoff dresses, Tory Burch tops and even Lululemon leggings from Rent the Runway, at a discount.
The launch comes as Rent the Runway is clawing its way back from the effects of the COVID pandemic. The company said that getting into the resale market offers another engine of growth and a fuller realization of our value proposition. It added that it has noticed twice as many customers self-reporting that they’re coming to Rent the Runway for sustainable fashion solutions, compared with 15 months ago, a sign that shoppers’ appetite to add secondhand apparel to their closets is growing.
With the launch, Rent the Runway positions itself as a closer competitor to already established resale marketplaces including Poshmark, ThredUp, TheRealReal and StockX. The latter, known for landing coveted sneakers, is expected to go public later this year. E-commerce marketplace Etsy plans to buy secondhand fashion app Depop for $1.62 billion
The total resale market in the U.S. will be worth more than $33 billion by the end of this year and is on track to top $64 billion by 2024, according to GlobalData.
Analysts say thrifting for clothing, accessories and home goods could be an even more compelling value proposition coming out of the health crisis, especially as Americans look to clean out their closets to make room for new styles, potentially in new sizes.












