Rent the Runway, Inc. (Rent): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da tecnologia da moda, a Rent the Runway revolucionou como as mulheres modernas experimentam roupas de luxo, transformando o modelo tradicional de varejo em um ecossistema inovador de aluguel. Oferecendo 24/7 Acesso aos guarda-roupas de designers por uma fração dos preços de varejo, essa plataforma disruptiva capacita os consumidores conscientes da moda a experimentar estilos de ponta sem o consumo financeiro pesado. De mulheres profissionais que buscam roupas de trabalho versáteis a freqüentadores de eventos que desejam peças de declaração, aluguem o modelo de negócios da pista representa uma fusão estratégica de tecnologia, sustentabilidade e experiências de moda personalizadas que desafia os paradigmas convencionais de consumo de roupas.

Rent the Runway, Inc. (Rent) - Modelo de negócios: Parcerias -chave

Marcas de moda de grife e fabricantes de roupas de luxo

A locação da pista faz parceria com mais de 800 marcas de designers a partir de 2023, incluindo:

Categoria de marca	Número de marcas	Valor estimado da parceria
Designers de luxo	150	Receita anual de parceria de US $ 45 milhões
Marcas contemporâneas	450	Receita anual de parceria de US $ 32 milhões
Marcas de rua	200	Receita de parceria anual de US $ 18 milhões

Parceiros de logística e remessa

As principais parcerias de logística incluem:

• UPS: parceiro de remessa primária
• FedEx: provedor de remessa secundária
• USPS: Suporte de entrega local

Parceiro de remessa	Volume de envio anual	Custo de parceria
UPS	2,4 milhões de pacotes anualmente	US $ 22,5 milhões
FedEx	800.000 pacotes anualmente	US $ 8,3 milhões

Provedores de tecnologia

Parcerias de tecnologia críticas incluem:

• AWS (Amazon Web Services): Infraestrutura em nuvem
• Salesforce: Gerenciamento de relacionamento com o cliente
• Oracle: Planejamento de recursos corporativos

Parceiro de tecnologia	Serviço prestado	Investimento de tecnologia anual
AWS	Infraestrutura em nuvem	US $ 5,6 milhões
Salesforce	Plataforma CRM	US $ 1,2 milhão

Limpeza a seco e manutenção de roupas

Parcerias com serviços de limpeza especializados:

Provedor de serviços	Locais	Volume de limpeza anual	Custo de parceria
Alugue as instalações de limpeza interna da pista	3 principais instalações	1,6 milhão de roupas	US $ 18,7 milhões
Parceiros de limpeza externos	12 parceiros regionais	400.000 roupas	US $ 4,5 milhões

Cartão de crédito e processamento de pagamento

Parcerias de processamento de pagamentos:

Provedor de pagamento	Volume de transação	Taxas de processamento
Listra	65% das transações	US $ 3,2 milhões anualmente
PayPal	20% das transações	US $ 1,1 milhão anualmente
Adyen	15% das transações	US $ 800.000 anualmente

Rent the Runway, Inc. (Rent) - Modelo de negócios: Atividades -chave

Desenvolvimento e manutenção da plataforma de aluguel de roupas on -line

Investimento de infraestrutura da plataforma em 2023: US $ 12,4 milhões

Métrica da plataforma	2023 dados
Usuários totais da plataforma	117,000
Transações anuais da plataforma	1,2 milhão
Downloads de aplicativos móveis	2,3 milhões

Limpeza de roupas, reparo e gerenciamento de inventário

Orçamento anual de processamento de roupas: US $ 24,6 milhões

• Total de itens de inventário: 85.000 roupas exclusivas
• Ciclo de vida de roupas médias: 12-15 Ciclos de aluguel
• Localização das instalações de limpeza: 3 principais centros dos EUA

Marketing digital e aquisição de clientes

Métrica de marketing	2023 desempenho
Gasto de marketing	US $ 37,2 milhões
Custo de aquisição do cliente	US $ 85 por cliente
Canais de marketing digital	Instagram, Facebook, Tiktok

Design de experiência do usuário e inovação tecnológica

Investimento de P&D em tecnologia: US $ 9,8 milhões em 2023

• Motor de recomendação movido a IA
• Tecnologia de previsão de tamanho
• Desenvolvimento de Recursos de Try-On Virtual

Previsão de tendências e seleção de roupas com curadoria

Métrica de seleção de tendências	2023 dados
Parcerias de designer	Mais de 250 marcas de moda
Novas adições de coleção	1.200 itens por trimestre
Precisão de previsão de tendências	87%

Rent the Runway, Inc. (Rent) - Modelo de negócios: Recursos -chave

Extenso inventário de roupas de grife

A partir do quarto trimestre 2023, o aluguel da pista mantém Aproximadamente 100.000 roupas de grife exclusivas em seu inventário. O valor total do inventário de roupas é estimado em US $ 75 milhões. A coleção de roupas abrange várias categorias:

Categoria	Porcentagem de inventário	Contagem estimada de peças
Vestidos de grife	45%	45.000 peças
Desgaste formal	25%	25.000 peças
Roupas casuais	20%	20.000 peças
Acessórios	10%	10.000 peças

Plataforma de tecnologia avançada e aplicativo móvel

A infraestrutura tecnológica inclui:

• Aplicativo móvel com 2,1 milhões de downloads
• Sistema de gerenciamento de inventário baseado em nuvem
• Algoritmos de aprendizado de máquina processamento Mais de 500.000 interações com os clientes mensalmente

Análise de dados e insights de preferência do cliente

Recursos de análise de dados englobam:

• Rastreamento de preferências do cliente 35 categorias de estilo diferentes
• Algoritmos de dimensionamento preditivo com Precisão de 92%
• Sistema de otimização de inventário em tempo real

Relacionamentos de marca

As parcerias incluem:

Marca de designer	Status de contrato exclusivo	Anos de parceria
Diane von Furstenberg	Exclusivo	7 anos
Tory Burch	Não exclusivo	5 anos
Rebecca Minkoff	Exclusivo	6 anos

Infraestrutura de logística e logística reversa

Detalhes da rede de logística:

• 3 centros de atendimento primário Localizado em Nova York, Nova Jersey e Califórnia
• Capacidade de processamento diário de 25.000 remessas de vestuário
• Instalação de limpeza e inspeção com 99,7% de taxa de garantia de qualidade

Rent the Runway, Inc. (Rent) - Modelo de Negócios: Proposições de Valor

Acesso a roupas de grife a preços de aluguel acessíveis

Rent the Runway oferece aluguel de roupas de grife com a seguinte estrutura de preços:

Categoria de aluguel	Faixa de preço médio	Valor típico de varejo
Aluguel de 4 dias	$30 - $200	$500 - $3,000
Aluguel de 8 dias	$50 - $250	$700 - $4,000

Modelo de consumo de moda sustentável

Métricas de impacto ambiental:

• Reduz a pegada de carbono de roupas individuais em 79%
• Cada peça de roupa alugada usada 5-7 vezes versus propriedade típica de uso único
• Impede aproximadamente 1,3 milhão de roupas de potencial descarte de aterro anualmente

Opções de aluguel flexíveis para várias ocasiões

As categorias de aluguel incluem:

• Traje de trabalho
• Desgaste noturno
• Vestidos de ocasiões especiais
• Roupas de maternidade
• Acessórios

Experiência conveniente de aluguel online e móvel

Métricas de plataforma digital	2023 Estatísticas
Downloads de aplicativos móveis	2,1 milhões
Visitantes mensais do site	3,7 milhões
Duração média da sessão móvel	12,4 minutos

Seleção diversificada de roupas em vários tamanhos e estilos

Faixa de tamanho e estilo:

• Faixa de tamanho: 0-22
• Marcas de designer: 750+
• Novos estilos adicionados semanalmente: 1.000+
• Categorias de roupas: 15 tipos distintos

Rent the Runway, Inc. (Rent) - Modelo de Negócios: Relacionamentos do Cliente

Recomendações de estilo personalizadas

A Rent The Runway oferece recomendações de estilo personalizadas por meio de:

• Algoritmo de recomendação movido a IA
• Estilo profile Questionário com mais de 20 pontos de dados de personalização
• Consultas de estilo virtual disponíveis para membros premium

Recurso de recomendação	Taxa de penetração
Matões de estilo personalizado	68% dos assinantes ativos
Recomendações orientadas pela IA	Taxa de conversão de 42%

Suporte ao cliente on -line e serviços de bate -papo

Os canais de suporte ao cliente incluem:

• Suporte de bate -papo ao vivo 24 horas por dia, 7 dias por semana
• Email para atendimento ao cliente
• Linha de suporte telefônico dedicado

Métrica de suporte	Desempenho
Tempo médio de resposta	17 minutos
Pontuação de satisfação do cliente	4.3/5

Programas de associação e assinatura

Camadas de assinatura:

• Atualizar associação
• Associação ilimitada
• Associação clássica

Tipo de associação	Custo mensal	Assinantes ativos
Atualizar associação	US $ 89/mês	35.000 assinantes
Associação ilimitada	US $ 159/mês	22.000 assinantes
Associação clássica	US $ 45/mês	48.000 assinantes

Revisões de usuários e engajamento da comunidade

Métricas de interação comunitária:

• Total de revisões de usuários: 287.000
• Classificação média de revisão: 4.2/5
• Uploads de foto da comunidade: 126.000

Programas de lealdade e recompensas de referência

Recurso do programa de recompensa	Detalhes
Crédito de referência	US $ 30 por referência bem -sucedida
Conversão de pontos de fidelidade	500 pontos = crédito de aluguel de US $ 50
Receita anual de referência	US $ 2,4 milhões

Rent the Runway, Inc. (Rent) - Modelo de Negócios: Canais

Site de comércio eletrônico da empresa

O canal digital principal da Rent the Runway é RentTherunway.com, lançado em 2009. A partir de 2023, o site processava aproximadamente 1,2 milhão de pedidos anualmente. A plataforma oferece mais de 900 marcas de designers com mais de 15.000 estilos exclusivos disponíveis para aluguel.

Métrica do site	2023 dados
Pedidos anuais do site	1,200,000
Marcas de grife disponíveis	900+
Estilos de aluguel exclusivos	15,000+

Aplicativo móvel

O aplicativo Mobile Rent the Runway foi baixado mais de 2,5 milhões de vezes. A partir do quarto trimestre 2023, as transações de aplicativos móveis representaram 62% da receita digital total.

Métrica de aplicativo móvel	2023 dados
Downloads de aplicativos totais	2,500,000
Contribuição de receita de aplicativos móveis	62%

Plataformas de mídia social

Rent the Runway mantém canais ativos em várias plataformas:

• Instagram: 1,2 milhão de seguidores
• Tiktok: 350.000 seguidores
• Facebook: 500.000 seguidores

Marketing por e -mail

A empresa mantém uma base de assinantes de e -mail de 1,8 milhão de clientes. As taxas médias de abertura de email em 2023 foram de 22,5%, com taxas de cliques de 3,7%.

Métrica de marketing por e -mail	2023 dados
Total de assinantes de email	1,800,000
Taxa de abertura por e -mail	22.5%
Taxa de cliques	3.7%

Campanhas de publicidade digital

Aluguel A pista alocou US $ 15,3 milhões à publicidade digital em 2023. Os canais de marketing digital geraram aproximadamente 45% das novas aquisições de clientes.

Métrica de publicidade digital	2023 dados
Gastes de anúncios digitais totais	$15,300,000
Nova aquisição de clientes por meio de canais digitais	45%

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

Mulheres profissionais de 25 a 45 anos

A partir do quarto trimestre 2023, esse segmento representa 42% do aluguel da base de clientes da pista. Gastos médios anuais por cliente: US $ 879. Renda familiar média: US $ 124.500.

Características do segmento	Percentagem	Gastos médios
Profissionais que trabalham	68%	US $ 945/ano
Executivos corporativos	22%	US $ 1.250/ano
Proprietários de pequenas empresas	10%	US $ 675/ano

Millennials e Gen Z, conscientes da moda

O segmento representa 35% da base de clientes. Idade média: 29 anos. Frequência mensal de aluguel: 2,4 vezes.

• Total de assinantes neste segmento: 127.500
• Valor médio da assinatura mensal: $ 89
• Taxa de engajamento digital: 73%

Locatários específicos para eventos e ocasiões

Compreende 18% da base total de clientes. Gastes médios de aluguel por evento: US $ 195.

Tipo de evento	Frequência de aluguel	Custo médio de aluguel
Casamentos	32%	$285
Eventos corporativos	28%	$225
Galas sociais	22%	$175
Coquetéis	18%	$135

Consumidores de moda de luxo conscientes do orçamento

Tamanho do segmento: 12% da base de clientes. Economia média anual em comparação com o varejo: US $ 1.450.

• Idade média: 33 anos
• Renda familiar média: US $ 95.000
• Frequência de aluguel: 1,7 vezes por mês

Compradores ambientalmente conscientes

O segmento representa 7% da base de clientes. Redução média na pegada de carbono de moda pessoal: 24%.

Métrica de sustentabilidade	Impacto do cliente
Itens de roupa reutilizados	8,3 vezes por peça
Redução de resíduos	62% menos resíduos têxteis
Emissões de carbono salvas	0,6 toneladas métricas por ano

Rent the Runway, Inc. (Rent) - Modelo de negócios: estrutura de custos

Aquisição e manutenção de inventário de roupas

A partir do quarto trimestre de 2023, a Rent the Runway registrou US $ 79,3 milhões em custos de estoque. A empresa mantém aproximadamente 135.000 itens exclusivos de roupas e acessórios em seu inventário.

Categoria de custo de inventário	Despesa anual
Aquisição de roupas de grife	US $ 45,2 milhões
Limpeza e manutenção de inventário	US $ 18,7 milhões
Reparação e substituição de inventário	US $ 15,4 milhões

Infraestrutura de tecnologia e desenvolvimento de plataforma

Em 2023, a Rent the Runway investiu US $ 22,6 milhões em desenvolvimento de tecnologia e plataforma.

• Custos de infraestrutura em nuvem: US $ 8,3 milhões
• Desenvolvimento de software: US $ 9,5 milhões
• Segurança cibernética e proteção de dados: US $ 4,8 milhões

Despesas de marketing e aquisição de clientes

As despesas de marketing para 2023 totalizaram US $ 41,2 milhões, representando 22% da receita total.

Canal de marketing	Despesa
Publicidade digital	US $ 18,6 milhões
Marketing de mídia social	US $ 12,4 milhões
Parcerias de influenciadores	US $ 6,2 milhões
Mídia tradicional	US $ 4 milhões

Custos de logística e envio

As despesas de logística de 2023 totalizaram US $ 34,5 milhões.

• Envio e manuseio: US $ 24,3 milhões
• Operações de armazém: US $ 6,7 milhões
• Processamento de retorno: US $ 3,5 milhões

Salários dos funcionários e sobrecarga operacional

As despesas totais relacionadas aos funcionários em 2023 foram de US $ 87,6 milhões.

Categoria de custo do funcionário	Despesa anual
Salários da base	US $ 62,4 milhões
Benefícios e seguro	US $ 15,2 milhões
Remuneração baseada em ações	US $ 10 milhões

Rent the Runway, Inc. (Rent) - Modelo de negócios: fluxos de receita

Taxas de aluguel de roupas

A partir do quarto trimestre de 2023, a Rent the Runway relatou receita de aluguel de roupas de US $ 59,8 milhões.

Faixa de preço de aluguel	Custo médio
Assinatura mensal de 4 itens	US $ 94 por mês
Assinatura mensal de 8 itens	US $ 159 por mês

Modelos de assinatura de associação

Em 2023, o aluguel da pista tinha aproximadamente 122.000 assinantes ativos.

• Plano de aluguel ilimitado
• Plano de aluguel limitado
• Opções anuais de associação

Taxas tardias de retorno e dano

As taxas de retorno tardias variam de US $ 25 a US $ 50 por item, gerando receita adicional.

Tipo de taxa	Quantia
Taxa de retorno tardio	$25 - $50
Taxa de dano	Até o custo de substituição de item completo

Vendas de varejo de itens selecionados

As vendas no varejo geraram US $ 8,2 milhões em receita para 2023.

• Venda de itens de designer gentilmente usados
• Autorização do inventário de aluguel

Data Insights and Analytics Services

Embora a receita específica dos Serviços de Dados não seja divulgada publicamente, a empresa aproveita os dados do cliente para parcerias estratégicas.

Área de monetização de dados	Fluxo de receita potencial
Insights de comportamento do cliente	Não revelado
Análise de tendências da moda	Receita potencial de parceria

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.