Rent the Runway, Inc. (RENT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la tecnología de la moda, Rent the Runway ha revolucionado cómo las mujeres modernas experimentan ropa de lujo, transformando el modelo minorista tradicional en un ecosistema de alquiler innovador. Ofreciendo 24/7 Acceso a los armarios de los diseñadores a una fracción de precios minoristas, esta plataforma disruptiva faculta a los consumidores conscientes de la moda para experimentar con estilos de alta gama sin el considerable compromiso financiero. Desde mujeres profesionales que buscan ropa de trabajo versátil hasta piezas de declaración de antojo de eventos, alquilar el modelo de negocio de la pasarela representa una fusión estratégica de tecnología, sostenibilidad y experiencias de moda personalizadas que desafían los paradigmas de consumo de ropa convencionales.

Rent the Runway, Inc. (alquiler) - Modelo de negocio: asociaciones clave

Marcas de moda de diseñador y fabricantes de ropa de lujo

Alquile los socios de la pista con más de 800 marcas de diseñadores a partir de 2023, que incluyen:

Categoría de marca	Número de marcas	Valor de asociación estimado
Diseñadores de lujo	150	Ingresos de asociación anuales de $ 45 millones
Marcas contemporáneas	450	Ingresos de asociación anuales de $ 32 millones
Marcas de la calle	200	Ingresos de asociación anuales de $ 18 millones

Logística y socios de envío

Las asociaciones de logística clave incluyen:

• UPS: socio de envío primario
• FedEx: proveedor de envío secundario
• USPS: soporte de entrega local

Compañero de envío	Volumen de envío anual	Costo de asociación
Unión Postal Universal	2.4 millones de paquetes anualmente	$ 22.5 millones
Fedex	800,000 paquetes anualmente	$ 8.3 millones

Proveedores de tecnología

Las asociaciones de tecnología crítica incluyen:

• AWS (Amazon Web Services): Infraestructura en la nube
• Salesforce: gestión de relaciones con el cliente
• Oracle: planificación de recursos empresariales

Socio tecnológico	Servicio proporcionado	Inversión tecnológica anual
AWS	Infraestructura en la nube	$ 5.6 millones
Salesforce	Plataforma CRM	$ 1.2 millones

Limpieza en seco y mantenimiento de la prenda

Asociaciones con servicios de limpieza especializados:

Proveedor de servicios	Ubicación	Volumen de limpieza anual	Costo de asociación
Alquile las instalaciones de limpieza interna de la pista	3 instalaciones principales	1.6 millones de prendas	$ 18.7 millones
Socios de limpieza externos	12 socios regionales	400,000 prendas	$ 4.5 millones

Procesamiento de tarjeta de crédito y pago

Asociaciones de procesamiento de pagos:

Proveedor de pagos	Volumen de transacción	Tasas de procesamiento
Raya	65% de las transacciones	$ 3.2 millones anualmente
Paypal	20% de las transacciones	$ 1.1 millones anualmente
Adyen	15% de las transacciones	$ 800,000 anualmente

Rent the Runway, Inc. (alquiler) - Modelo de negocio: actividades clave

Desarrollo y mantenimiento de la plataforma de alquiler de ropa en línea

Inversión en infraestructura de plataforma en 2023: $ 12.4 millones

Métrica de plataforma	2023 datos
Usuarios totales de la plataforma	117,000
Transacciones de plataforma anual	1.2 millones
Descargas de aplicaciones móviles	2.3 millones

Limpieza de prendas, reparación y gestión de inventario

Presupuesto anual de procesamiento de la prenda: $ 24.6 millones

• Total de inventario Artículos: 85,000 prendas únicas
• Ciclo de vida promedio de la prenda: 12-15 ciclos de alquiler
• Lugar de limpieza Ubicaciones: 3 centros principales de EE. UU.

Marketing digital y adquisición de clientes

Métrico de marketing	2023 rendimiento
Gasto de marketing	$ 37.2 millones
Costo de adquisición de clientes	$ 85 por cliente
Canales de marketing digital	Instagram, Facebook, Tiktok

Diseño de experiencia del usuario e innovación tecnológica

Inversión en I + D de tecnología: $ 9.8 millones en 2023

• Motor de recomendación con IA
• Tecnología de predicción de tamaño
• Desarrollo de funciones de prueba virtual

Pronóstico de tendencias y selección de ropa curada

Métrica de selección de tendencias	2023 datos
Asociaciones de diseñador	Más de 250 marcas de moda
Nuevas adiciones de colección	1.200 artículos por trimestre
Precisión de predicción de tendencias	87%

Rent the Runway, Inc. (alquiler) - Modelo de negocio: recursos clave

Inventario de ropa de diseñador extenso

A partir del cuarto trimestre de 2023, el alquiler de la pista mantiene aproximadamente 100,000 prendas de diseño únicas en su inventario. El valor total del inventario de ropa se estima en $ 75 millones. La colección de ropa abarca múltiples categorías:

Categoría	Porcentaje de inventario	Recuento estimado de piezas
Vestidos de diseñador	45%	45,000 piezas
Ropa formal	25%	25,000 piezas
Ropa casual	20%	20,000 piezas
Accesorios	10%	10,000 piezas

Plataforma de tecnología avanzada y aplicación móvil

La infraestructura tecnológica incluye:

• Aplicación móvil con 2.1 millones de descargas
• Sistema de gestión de inventario basado en la nube
• Procesamiento de algoritmos de aprendizaje automático Más de 500,000 interacciones con el cliente mensualmente

Análisis de datos y ideas de preferencias de clientes

Las capacidades de análisis de datos abarcan:

• Seguimiento de preferencias del cliente a través de 35 categorías de estilo diferentes
• Algoritmos de tamaño predictivo con 92% de precisión
• Sistema de optimización de inventario en tiempo real

Relaciones de marca

Las asociaciones incluyen:

Marca de diseño	Estado del contrato exclusivo	Años de asociación
Diane von Furstenberg	Exclusivo	7 años
Tory Burch	No exclusivo	5 años
Rebecca Minkoff	Exclusivo	6 años

Logística e infraestructura de logística inversa

Detalles de la red logística:

• 3 Centros de cumplimiento primarios Ubicado en Nueva York, Nueva Jersey y California
• Capacidad de procesamiento diario de 25,000 envíos de prendas
• Instalación de limpieza e inspección con Tasa de garantía de calidad del 99.7%

Rent the Runway, Inc. (alquiler) - Modelo de negocio: propuestas de valor

Acceso a ropa de diseñador a precios de alquiler asequible

Rent the Runway ofrece alquileres de ropa de diseñador con la siguiente estructura de precios:

Categoría de alquiler	Rango de precios promedio	Valor minorista típico
Alquiler de 4 días	$30 - $200	$500 - $3,000
Alquiler de 8 días	$50 - $250	$700 - $4,000

Modelo de consumo de moda sostenible

Métricas de impacto ambiental:

• Reduce la huella de carbono de ropa individual en un 79%
• Cada prenda alquilada usa 5-7 veces versus propiedad típica de un solo uso
• Previene aproximadamente 1,3 millones de prendas de eliminación de vertederos potenciales anualmente

Opciones de alquiler flexibles para varias ocasiones

Las categorías de alquiler incluyen:

• Atuendo de trabajo
• Ropa de noche
• Vestidos de ocasión especiales
• Ropa de maternidad
• Accesorios

Experiencia de alquiler en línea y móvil conveniente

Métricas de plataforma digital	2023 estadísticas
Descargas de aplicaciones móviles	2.1 millones
Sitio web Visitantes mensuales	3.7 millones
Duración promedio de la sesión móvil	12.4 minutos

Selección de ropa diversa en múltiples tamaños y estilos

Tamaño y rango de estilo:

• Rango de tamaño: 0-22
• Marcas de diseñador: 750+
• Nuevos estilos agregados semanalmente: 1,000+
• Categorías de ropa: 15 tipos distintos

Rent the Runway, Inc. (alquiler) - Modelo de negocio: relaciones con los clientes

Recomendaciones de estilo personalizadas

Rent the Runway ofrece recomendaciones de estilo personalizados a través de:

• Algoritmo de recomendación con IA
• Estilo profile Cuestionario con más de 20 puntos de datos de personalización
• Consultas de estilo virtual disponibles para miembros premium

Característica de recomendación	Tasa de penetración
Partidos de estilo personalizados	68% de suscriptores activos
Recomendaciones impulsadas por la IA	Tasa de conversión del 42%

Servicios de atención al cliente y servicios de chat en línea

Los canales de atención al cliente incluyen:

• Soporte de chat en vivo 24/7
• Servicio al cliente de correo electrónico
• Línea de soporte telefónico dedicada

Métrico de soporte	Actuación
Tiempo de respuesta promedio	17 minutos
Puntuación de satisfacción del cliente	4.3/5

Programas de membresía y suscripción

Niveles de suscripción:

• Actualizar la membresía
• Membresía ilimitada
• Membresía clásica

Tipo de membresía	Costo mensual	Suscriptores activos
Actualizar la membresía	$ 89/mes	35,000 suscriptores
Membresía ilimitada	$ 159/mes	22,000 suscriptores
Membresía clásica	$ 45/mes	48,000 suscriptores

Revisiones de usuarios y compromiso de la comunidad

Métricas de interacción comunitaria:

• Revisiones totales de los usuarios: 287,000
• Calificación de revisión promedio: 4.2/5
• Cargas de fotos comunitarias: 126,000

Programas de recompensas de lealtad y referencia

Característica del programa de recompensas	Detalles
Crédito de referencia	$ 30 por referencia exitosa
Conversión de puntos de fidelización	500 puntos = $ 50 Crédito de alquiler
Ingresos anuales de referencia	$ 2.4 millones

Rent the Runway, Inc. (alquiler) - Modelo de negocio: canales

Sitio web de comercio electrónico de la empresa

El canal digital principal de Rent the Runway es RentTherunway.com, lanzado en 2009. A partir de 2023, el sitio web procesó aproximadamente 1,2 millones de pedidos anualmente. La plataforma ofrece más de 900 marcas de diseñador con más de 15,000 estilos únicos disponibles para alquiler.

Métrico del sitio web	2023 datos
Pedidos anuales del sitio web	1,200,000
Marcas de diseño disponibles	900+
Estilos de alquiler únicos	15,000+

Aplicación móvil

La aplicación Rent the Runway Mobile se ha descargado más de 2.5 millones de veces. A partir del cuarto trimestre de 2023, las transacciones de aplicaciones móviles representaban el 62% de los ingresos digitales totales.

Módulo de aplicación móvil	2023 datos
Descargas totales de aplicaciones	2,500,000
Contribución de ingresos de la aplicación móvil	62%

Plataformas de redes sociales

Alquilar la pista mantiene canales activos en múltiples plataformas:

• Instagram: 1.2 millones de seguidores
• Tiktok: 350,000 seguidores
• Facebook: 500,000 seguidores

Marketing por correo electrónico

La compañía mantiene una base de suscriptores de correo electrónico de 1.8 millones de clientes. Las tasas de apertura de correo electrónico promedio en 2023 fueron del 22.5%, con tasas de clics del 3.7%.

Métrica de marketing por correo electrónico	2023 datos
Suscriptores totales de correo electrónico	1,800,000
Tarifa de apertura de correo electrónico	22.5%
Tasa de clics	3.7%

Campañas de publicidad digital

Alquile la pista asignó $ 15.3 millones a publicidad digital en 2023. Los canales de marketing digital generaron aproximadamente el 45% de las nuevas adquisiciones de clientes.

Métrica de publicidad digital	2023 datos
Gasto de anuncios digitales totales	$15,300,000
Nueva adquisición de clientes a través de canales digitales	45%

Rent the Runway, Inc. (alquiler) - Modelo de negocio: segmentos de clientes

Mujeres profesionales de 25 a 45 años

A partir del cuarto trimestre de 2023, este segmento representa el 42% de la base de clientes de Rent the Runway. Gasto anual promedio por cliente: $ 879. Ingresos familiares promedio: $ 124,500.

Características de segmento	Porcentaje	Gasto promedio
Profesionales que trabajan	68%	$ 945/año
Ejecutivos corporativos	22%	$ 1,250/año
Propietarios de pequeñas empresas	10%	$ 675/año

Millennials conscientes de la moda y la generación Z

El segmento representa el 35% de la base de clientes. Edad promedio: 29 años. Frecuencia de alquiler mensual: 2.4 veces.

• Suscriptores totales en este segmento: 127,500
• Valor de suscripción mensual promedio: $ 89
• Tasa de participación digital: 73%

Inquilinos específicos para eventos y ocasiones

Comprende el 18% de la base total de clientes. Gasto promedio de alquiler por evento: $ 195.

Tipo de evento	Frecuencia de alquiler	Costo de alquiler promedio
Bodas	32%	$285
Eventos corporativos	28%	$225
Galas sociales	22%	$175
Cócteles	18%	$135

Consumidores de moda de lujo conscientes del presupuesto

Tamaño del segmento: 12% de la base de clientes. Ahorro anual promedio en comparación con el comercio minorista: $ 1,450.

• Edad media: 33 años
• Ingresos familiares promedio: $ 95,000
• Frecuencia de alquiler: 1.7 veces al mes

Compradores conscientes del medio ambiente

El segmento representa el 7% de la base de clientes. Reducción promedio de la moda personal Fuítica de carbono: 24%.

Métrica de sostenibilidad	Impacto del cliente
Artículos de ropa reutilizados	8.3 veces por prenda
Reducción de desechos	62% menos de desechos textiles
Emisiones de carbono guardadas	0.6 toneladas métricas por año

Rent the Runway, Inc. (alquiler) - Modelo de negocio: Estructura de costos

Adquisición y mantenimiento del inventario de ropa

A partir del cuarto trimestre de 2023, el alquiler de la pista reportó $ 79.3 millones en costos de inventario. La compañía mantiene aproximadamente 135,000 artículos de ropa y accesorios únicos en su inventario.

Categoría de costos de inventario	Gasto anual
Adquisición de ropa de diseñador	$ 45.2 millones
Limpieza y mantenimiento de inventario	$ 18.7 millones
Reparación y reemplazo de inventario	$ 15.4 millones

Infraestructura tecnológica y desarrollo de plataformas

En 2023, el alquiler de la pista invirtió $ 22.6 millones en tecnología y desarrollo de plataformas.

• Costos de infraestructura en la nube: $ 8.3 millones
• Desarrollo de software: $ 9.5 millones
• Ciberseguridad y protección de datos: $ 4.8 millones

Gastos de marketing y adquisición de clientes

Los gastos de marketing para 2023 totalizaron $ 41.2 millones, lo que representa el 22% de los ingresos totales.

Canal de marketing	Gastos
Publicidad digital	$ 18.6 millones
Marketing en redes sociales	$ 12.4 millones
Asociaciones de influencia	$ 6.2 millones
Medios tradicionales	$ 4 millones

Logística y costos de envío

Los gastos logísticos para 2023 ascendieron a $ 34.5 millones.

• Envío y manejo: $ 24.3 millones
• Operaciones de almacén: $ 6.7 millones
• Procesamiento de devolución: $ 3.5 millones

Salarios de empleados y sobrecarga operativa

Los gastos totales relacionados con los empleados en 2023 fueron de $ 87.6 millones.

Categoría de costos de empleado	Gasto anual
Salarios base	$ 62.4 millones
Beneficios y seguro	$ 15.2 millones
Compensación basada en acciones	$ 10 millones

Rent the Runway, Inc. (alquiler) - Modelo de negocio: Findas de ingresos

Tarifas de alquiler de ropa

A partir del cuarto trimestre de 2023, Rent the Runway reportó ingresos por alquiler de ropa de $ 59.8 millones.

Rango de precios de alquiler	Costo promedio
Suscripción mensual de 4 ítems	$ 94 por mes
Suscripción mensual de 8 ítems	$ 159 por mes

Modelos de suscripción de membresía

En 2023, el alquiler de la pista tenía aproximadamente 122,000 suscriptores activos.

• Plan de alquiler ilimitado
• Plan de alquiler limitado
• Opciones anuales de membresía

Tarifas de retorno tardío y daños

Las tarifas de devolución tardía varían de $ 25 a $ 50 por artículo, generando ingresos adicionales.

Tipo de tarifa	Cantidad
Tarifa de devolución tardía	$25 - $50
Tarifa de daños	Hasta el costo de reemplazo de artículo completo

Ventas minoristas de artículos seleccionados

Las ventas minoristas generaron $ 8.2 millones en ingresos para 2023.

• Venta de artículos de diseñador de uso suave
• Autorización del inventario de alquiler

Servicios de información y análisis de datos

Si bien los ingresos específicos de los servicios de datos no se divulgan públicamente, la Compañía aprovecha los datos del cliente para asociaciones estratégicas.

Área de monetización de datos	Flujo de ingresos potencial
Insights de comportamiento del cliente	No revelado
Análisis de tendencias de moda	Ingresos potenciales de asociación

Rent the Runway, Inc. (RENT) - Canvas Business Model: Value Propositions

Access to a rotating, unlimited wardrobe of designer fashion

You're looking at a massive commitment of capital to keep the closet fresh. Rent the Runway, Inc. is making its largest-ever investment in inventory for fiscal year 2025, planning to double the new inventory coming onto the platform. This translates to 75%+ more new styles and increased availability for each style. Furthermore, they are targeting 3-4X more inventory from their top 25 favorite brands. As of H1 2025, 56 new brands have launched, with a goal of 80+ new brands for the full fiscal year 2025. They also launched 7 new exclusive brand collaborations year to date.

Cost-effective alternative to purchasing high-end clothing

The value proposition here is avoiding the sticker shock of ownership. To counter inflationary pressures and tariffs in the fashion industry, Rent the Runway, Inc. raised subscription plan prices on average by ~$2 per item in August 2025. Despite this, the core value remains in access over ownership. For context on the cost structure supporting this, the Gross Margin for Q2 2025 was 30.0%, a decrease from 41.1% in Q2 2024. The company ended Q2 2025 with 146,373 Active Subscribers, up 13.4% year-over-year, showing the price adjustment hasn't stopped subscriber acquisition.

Convenience of a Closet in the Cloud model with cleaning included

The operational scale required to support this convenience is significant. The platform ended Q2 2025 with 185,102 Total Subscribers. Customer satisfaction reflects the service quality; the average Q2 Subscription Net Promoter Score was up 77% year-over-year. This convenience is being reinforced by high engagement with the refreshed selection, evidenced by share of views on new inventory being up 84% year-over-year, and new units at home up 57% year-over-year.

Sustainability through a circular fashion ecosystem

This model inherently offers environmental savings compared to traditional retail. As of January 31, 2025, Rent the Runway, Inc. has displaced the production of more than 1.7 million estimated new garments since 2010. Life Cycle Assessment data shows that renting leads to 24% less water, 6% less energy, and 3% less emissions on average, per garment, versus purchasing new. Furthermore, 100% of estimated carbon emissions from shipments to and from customers have been offset since fiscal year 2022. The company also diverted 1.8 million rental product from landfill via resale, donation, or recycling as of January 31, 2025, and performed 6.5 million garment repairs since fiscal year 2019 through January 31, 2025.

High-quality, curated selection of new and exclusive styles

The focus on curation drives customer interest. Engagement metrics show this focus is paying off: hearts per style on new inventory are up 15% year-over-year in Q2 2025. The company is executing on its strategy to offer more desirable items, with revenue share units from existing partners up 40% year-over-year, and total revenue share units up 119% year-over-year. They plan to add over 90 new brands in fiscal year 2025.

Here's a quick look at the operational scale as of the Q2 2025 report:

Metric	Value (Q2 2025)	Year-over-Year Change
Total Revenue	$80.9 million	+2.5%
Ending Active Subscribers	146,373	+13.4%
Gross Margin	30.0%	Down from 41.1% (Q2 2024)
Net Loss	$(26.4) million	Wider than $(15.6) million (Q2 2024)
Inventory Styles Added (H1 2025)	56 new brands launched	Goal of 80+ for FY 2025

Finance: draft 13-week cash view by Friday.

Rent the Runway, Inc. (RENT) - Canvas Business Model: Customer Relationships

The relationship with the customer is fundamentally anchored in the subscription model, which as of the end of Q2 2025, included 146,400 ending active subscribers, marking a 13.4% year-over-year increase. This represents a significant acceleration from the 0.9% year-over-year growth seen in Q1 2025. The company reported its strongest quarterly customer retention in four years as of Q1 2025, with retention continuing to be higher than the prior year in Q2 2025.

Rent the Runway, Inc. formalized its commitment to long-term subscribers with the launch of the RTR Rewards program on June 30, 2025. This program automatically assigns members to tiers based on active subscription tenure, with rewards unlocking at each stage. The structure is as follows:

Tier Name	Membership Tenure Requirement	Key Benefit Example (Anniversary)
Insider	1 to 3 months	Free spot at 3 months anniversary
Enthusiast	4 to 9 months	Free spot at 6 months anniversary
Maven	10 to 23 months	Free spot at 12 months anniversary
Icon	24+ months	Free spot at 24 months anniversary

Anniversary free spots begin deployment in July 2025, awarded at 3 months, 6 months, 12 months, and every additional 12 months thereafter.

Personalization is delivered through the digital experience, which is designed to enhance discovery and satisfaction. Customer engagement with the new inventory strategy in Q2 2025 showed strong resonance, with key metrics showing significant year-over-year increases:

• Share of views: up 84% YoY.
• Hearts per style: up 15% YoY.
• New units at home: up 57% YoY.

This follows Q1 2025 data where Spring 2025 inventory saw a 23% higher share of views and a 14% higher love rate compared to Spring 2024. Also, April add-on gross bookings increased +11% versus the prior year. The company also offers stylist consultations via text or Zoom to new subscribers to help design their first shipment.

High-touch customer service is a stated priority, with customer satisfaction (CSAT) scores consistently maintained between 80% and 90% for the past three years (as of April 2025). To further build loyalty, the customer service team now dedicates approximately 14% of its workdays to proactive customer contact.

The 60-day customer promise targets new and rejoining subscribers to mitigate initial fit risk. If an item does not fit or feel right within the first 60 days of subscription, Rent the Runway, Inc. will add a free extra spot to the member's next shipment.

Community engagement is supported by a base of approximately ~3M lifetime customers, with 80%+ acquired organically. The company has actively engaged with its community members on platforms like Reddit and through new social media content series.

Rent the Runway, Inc. (RENT) - Canvas Business Model: Channels

The primary channel for Rent the Runway, Inc. (RENT) remains its digital storefront, which includes the main website and the mobile application. As of September 2025, the website, renttherunway.com, was estimated to have 3,333,000 visitors. The company has been actively enhancing this digital interface; for instance, in Q2 2025, they redesigned the app home screen to feature contextual education and real-time inventory previews. Despite this focus, Rent the Runway underperforms its industry peers in terms of raw website traffic, ranking dead last among them.

The core of the service delivery relies on direct shipping and returns, managed through a sophisticated logistics backbone. Rent the Runway, Inc. operates its 'Dream Fulfillment Centers' in Secaucus, New Jersey, and Dallas, Texas, which handle the cleaning, repair, and dispatch of designer styles. Returns are facilitated via prepaid shipping labels included with shipments. While specific current logistics partner counts aren't available, the physical reach is broad, as the company ships to 76% of the zip codes in the U.S.. The company has moved away from dedicated retail stores, instead focusing on a dropbox network at partner sites like WeWork locations, Nordstrom Local stores, and hotels to serve customers for drop-off and pick-up.

Brand discovery and customer engagement are heavily channeled through organic digital marketing efforts. In Q2 2025, the company saw overall engagement with its social media channels rise by approximately 800% year-over-year (YoY), with views increasing 175% YoY. This was driven by a shift toward user-generated content and community events, which saw demand at 3x capacity for RTR-hosted subscriber events in Q2 2025. The platform also uses in-app notifications and email to drive engagement with inventory, which is crucial given the massive inventory expansion efforts.

To support personalized alerts and drive discovery, Rent the Runway, Inc. has significantly increased its available inventory, which directly impacts the effectiveness of its digital channels. As of August 2025, posted inventory units were almost double the prior year, with style availability surging 323% in May, 235% in June, and 253% in July compared to the previous year's corresponding months. This increased inventory is surfaced to users through personalized digital features.

Key performance indicators across these channels for the second quarter of fiscal year 2025 illustrate the service's reach and engagement:

Channel Metric	Value (as of Q2 2025 or latest report)	Period/Context
Estimated Monthly Website Visitors	3,333,000	September 2025 Estimate
Ending Active Subscribers	146,373	End of Q2 2025
Active Subscriber YoY Growth	13.4%	Q2 2025 vs Q2 2024
Social Media Engagement YoY Growth	~800%	Q2 2025
New Units at Home YoY Growth	57%	Q2 2025
Net Promoter Score Change	Up 77%	From last year

The digital experience is further refined by technology integration aimed at improving fit and feedback, including the deployment of artificial intelligence to summarize customer reviews. The company's focus on its two-sided discovery engine connects engaged customers with brand partners directly through the platform.

Specific digital engagement metrics related to inventory browsing in Q2 2025 show:

• Share of views on new inventory: up 84% YoY
• Hearts per style on new inventory: up 15% YoY
• Total revenue share units: up 119% YoY

Rent the Runway, Inc. (RENT) - Canvas Business Model: Customer Segments

You're looking at the core audience for Rent the Runway, Inc. as of late 2025. This isn't just about renting a dress for a wedding; it's about a lifestyle shift for a specific demographic. The customer segments are quite defined, driven by a desire for access over ownership and a focus on experience.

The primary group is definitely the B2C segment, heavily weighted toward Millennial and Gen Z women. These consumers value variety and self-expression, using the platform to constantly refresh their look without the commitment of purchase. To be fair, this group is highly responsive to the platform's inventory investments.

We see these fashion-conscious consumers concentrated in urban and suburban areas, places where access to high-end retail might be easier but the desire for novelty is even higher. They are the ones driving the engagement metrics we saw in Q2 2025.

There's a distinct group within the B2C base: customers specifically seeking designer apparel for special occasions, which Rent the Runway, Inc. calls the Reserve segment. This is the traditional use case, but it's supported by the broader subscription base now.

Also critical is the segment prioritizing sustainable and circular consumption. While Rent the Runway, Inc. doesn't always lead with pure sustainability metrics, the model inherently appeals to those looking to reduce fashion waste. This aligns with the growth in their resale channel, which generated $40.7 million in Other Revenue for the fiscal year ended January 31, 2025, a 22.2% increase year-over-year.

The health of the business is directly tied to its active subscriber base. Here's a look at where that stood recently:

Metric	Value	Period
Ending Active Subscribers	146,373	Q2 2025
Average Active Subscribers	146,765	Q2 2025
Active Subscribers (Total)	164,004	January 31, 2025
Active Subscribers (Active Only)	119,778	January 31, 2025

The growth in this core group is what management is pointing to as proof of concept. The year-over-year growth in ending active subscribers accelerated significantly.

• Active subscribers, which reached 146,400 in Q2 2025.
• Year-over-year Ending Active Subscriber growth in Q2 2025 was 13.4%.
• Customer retention in Q1 2025 was the strongest in four years.
• Q2 2025 Net Promoter Score (NPS) was up 77% year-over-year.
• Lifetime customers served is approximately 3 million.

Customer engagement with the platform's expanded offerings shows this segment is actively using the service. For instance, engagement with new inventory in Q2 2025 showed strong uptake:

• Share of views increased 84% year-over-year.
• Heart per style metric was up 15% year-over-year.
• New units at home increased by 57% year-over-year.

The inventory strategy is clearly aimed at satisfying these segments, with the Share by RTR program expected to account for approximately 62% of total units in fiscal year 2025. Finance: draft the Q3 2025 customer acquisition cost analysis by next Tuesday.

Rent the Runway, Inc. (RENT) - Canvas Business Model: Cost Structure

You're looking at the major drains on cash flow as Rent the Runway, Inc. pivots back to aggressive growth in late 2025. The cost structure is heavily weighted toward getting the right product in front of the customer, which is why inventory investment is the headline cost.

High cost of rental product acquisition (inventory investment of $70-75 million in FY2025)

The company is executing its largest inventory acquisition in history for fiscal year 2025. This is a deliberate choice to reignite subscriber growth after a period of cost discipline. The planned investment signals a major commitment to the core asset.

The projected spend for this key resource is substantial:

• FY 2025 Rental Product Acquisition Projection: $70 million to $75 million.
• New inventory units expected to double platform-wide in FY 2025.
• Anticipated 3-4x increase in units from the top 25 most desired brands.

Fulfillment costs, including logistics, dry cleaning, and repair

Fulfillment costs are a direct, variable cost tied to every rental transaction. While the company is working to improve efficiency, these costs remain a significant portion of revenue, as seen in the Q2 2025 figures.

Here's how fulfillment costs stacked up in the second quarter of fiscal year 2025:

Metric	Q2 2025 Amount (in millions)	Q2 2025 as % of Revenue
Fulfillment Costs	$22.5 million	27.8%
Gross Margin	$24.3 million	30.0%

Note that Gross Profit is defined as total revenue less fulfillment, rental product depreciation, and revenue share expenses.

Revenue share expenses paid to designer brand partners

Rent the Runway, Inc. is actively shifting its inventory model to be more capital-light by expanding revenue-sharing agreements. This means a larger portion of revenue is being paid out to brand partners instead of being spent on upfront inventory purchases.

The shift in this cost component is aggressive:

• Total units from the Share by Rent the Runway program are expected to reach approximately 62% of total units in FY 2025.
• This represents a 150% increase (or 2.5x) in revenue share units versus fiscal year 2024 levels.
• Revenue share costs were cited as a primary driver for the year-over-year decrease in Adjusted EBITDA margin in Q2 2025.
• Total revenue share units increased by 119% YoY in Q2 2025.

Technology development and platform maintenance costs

These costs fall under the broader umbrella of Operating Expenses, which include technology, marketing, and General & Administrative (G&A). The company is investing in platform features like waitlisting and back-in-stock notifications to support the new inventory strategy.

In Q2 2025, the combined total operating expenses were:

Expense Category (Combined)	Q2 2025 as % of Revenue	Q2 2024 as % of Revenue
Total Operating Expenses (Technology, Marketing, G&A)	51.7%	49%

Total operating expenses were 8% higher year-over-year in Q2 2025, driven primarily by transaction-related expenses.

Marketing and promotional spend to drive subscriber growth

Marketing spend is embedded within the Total Operating Expenses percentage above, as specific marketing dollar amounts are not broken out separately from G&A and Technology in the latest reports. However, the company noted higher promotional activity versus Q2 2024, indicating increased spend to drive new customer acquisition.

The company is using organic media strategies, including engagement on Reddit and new social media content series, to support this push.

The overall financial expectation for this growth-focused spending phase is reflected in the Free Cash Flow guidance:

• FY 2025 Free Cash Flow is projected to be worse than $(40) million.
• This negative cash flow is primarily attributed to the inventory investment and recapitalization transaction costs.

Rent the Runway, Inc. (RENT) - Canvas Business Model: Revenue Streams

Rent the Runway, Inc. (RENT) generates revenue through a mix of recurring subscription fees, one-time rental transactions, and inventory monetization outside of rentals.

For the second quarter of fiscal year 2025, Rent the Runway, Inc. reported total revenue of $80.9 million, representing a 2.5% increase year-over-year from $78.9 million in Q2 2024. Looking ahead, the company provided guidance for the fiscal third quarter of 2025, expecting revenue to fall between $82 million and $84 million.

Subscription Rental Fees

Subscription fees form the core recurring revenue stream. Rent the Runway, Inc. implemented a pricing adjustment on August 1, 2025, citing inflationary pressures and tariffs, with an average increase of approximately $2 per item. This was the first pricing adjustment since 2022.

The change directly impacted the 10-item plan, which increased from $144 per month to $164 per month, a 13.9% increase. The subscription revenue component for Q2 2025, which includes Reserve rental revenue, was $69.2 million, up 1% year-over-year. Ending Active Subscribers for Q2 2025 stood at 146,373.

Here is a comparison of the subscription price changes effective August 1, 2025:

Item Count	Old Price (Pre-Aug 1, 2025)	New Price (Post-Aug 1, 2025)	Percentage Increase
5 Items	$119	$129	8.40%
10 Items	$144	$164	13.89%
15 Items	$193	$223	15.54%
20 Items	$235	$275	17.02%

Other Revenue Streams

Revenue outside of the core subscription and reserve rentals is categorized as Other Revenue, which includes the sale of used rental inventory (resale) and advertising revenue. Other Revenue in Q2 2025 was $11.7 million, an increase of 12.5% year-over-year from $10.4 million in Q2 2024.

The focus on resale is a key component of this segment:

• Revenue from advertising and resale rose 48.6% or $3.4 million year-over-year in Q4 2024.
• These areas are noted as having considerable cash generation potential.
• The company plans to add 80+ new brands in FY 2025.

The platform also generates revenue from transactional rentals and ancillary fees, though specific 2025 figures for these are less detailed in recent reports.

• À la carte Reserve rental fees: For customers needing an outfit for a one-off event without a subscription.
• Add-on fees: Potential charges for extra items or expedited shipping services.
• Late fees or damage fees may also contribute to revenue, offsetting inventory management costs.

The subscription and reserve rental revenue stream was $69.2 million in Q2 2025, while Other Revenue was $11.7 million, totaling the $80.9 million in net revenue.

Finance: draft 13-week cash view by Friday.