Name: How Rent The Runway Lost Over 90% of Its Stock Value
Uploaded: 2024-06-06T04:01:00Z
Duration: 6 min 38 s
Description: Rent the Runway sought to disrupt the fashion industry in the early 2000s. But now the company is hemorrhaging money and subscribers. WSJ’s Sabela Ojea explains why. Photo illustration: Grace Shin

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Rent the Runway sought to disrupt the fashion industry in the early 2000s. But now the company is hemorrhaging money and subscribers. WSJ’s Sabela Ojea explains why. Photo illustration: Grace Shin

https://m.wsj.net/video/20240612/9c2bba79-c506-45d0-b079-6de5e24ef9c3/2/hls/manifest-hd-wifi.m3u8

How Rent The Runway Lost Over 90% of Its Stock Value

Reporter: Ever wish you could wear a designer dress right off the runway or the red carpet?

Narrator: Rent the Runway bet that most women do. In 2009, the clothing rental startup decided it wanted a bite of the $100 billion global luxury goods market. Just 10 years later, in 2019, the company was valued at more than $1 billion.

The consumer was instantly attracted to this idea.

Narrator: But now customers aren't so sure. Rent the Runway's stock has plummeted over 90%, it's shuttered all five of its stores, and is teetering on the edge of bankruptcy. So what went wrong?

We're kind of like a gateway drug of designer fashion.

Nate: Right.

Because once you put on a great dress you wanna wear it forever.

Narrator: When Rent the Runway was founded in 2009, its goal was to revolutionize the way women thought about fashion for formal occasions, like weddings or work events.

Second-hand clothing was still not really a thing in the US so there was this appetite about thinking differently about fashion.

Narrator: The company's question to potential customers, "Instead of shelling out hundreds or even thousands of dollars to buy a fancy outfit, why not rent it instead?"

So much of Rent the Runway and the mission of the company is to delivery Cinderella experiences to women.

Narrator: From Oscar de la Renta to Balenciaga, Rent the Runway partnered with more with 800 designer brands to offer thousands of high end items. The concept was simple. Rent the Runway bought the clothing at wholesale prices and customers rented it for less.

The Dolce & Gabbana dress that retails for $1,400 that you can rent for just $200.

Narrator: Then the customer would send it back using pre-paid postage for Rent the Runway to clean and rent again.

It would allow them to have access to designer clothes that are usually very expensive and that they wouldn't have had access to if it weren't for that one-time rental.

Then, in 2016, the company made a major business model shift.

The co-founders realized that it was very expensive to put all this money on acquiring only one customer for a one-time rental. Instead, they thought that it would a lot cheaper and also a lot more sustainable to have a subscription to have recurring revenue.

Narrator: Hyman began offering plans to customers, including one with unlimited designer looks, for $139 a month. Company executives thought subscription offerings would also attract slightly older, more established women with more to spend. The company raised $60 million in funding shortly after launching the subscription plans. According to Hyman, the first two months of 2020 were the best financial months yet for Rent the Runway. But then.

Companies are expanding work from home options.

Canceling or postponing their weddings due to the coronavirus.

Reporter: People stuck at home choose casual.

The whole base of their business model was broken into pieces, basically, and they had to rethink everything.

Jennifer: That Wednesday to Sunday time period was just, like, 50+% of our subscribers canceled or paused their subscriptions.

Narrator: The company's active subscriber accounts fell from over 133,000 in 2019 to less than 55,000 in 2020 and the company experienced significant net losses in 2020 and 2021. It didn't help that trends were changing. By 2021, workers were returning to the office with a more relaxed dress code. Despite these changes, the company pushed ahead with a billion dollar IPO in 2021, with the hope that going public would help fund its debt and promote growth. But what started as a successful IPO quickly went south. In less than two months, the stock had already dropped by about 50%.

When it comes to renting or fashion subscription companies, their customer base has to fall in love with the inventory. If they feel that a subscription plan no longer offers what it's supposed to offer, which is newness, cool clothes, they may start looking for that somewhere else.

Narrator: And for those who did look, there were options like Armoire, another clothing rental company that offers subscriptions, and newer entrants like Nuuly, which was founded in 2019 by Urban Outfitters, Inc.

Announcer: Nuuly, more life in your clothes.

Narrator: Nuuly offers subscription plans but its inventory is from various casual brands owned by Urban Outfitters, including Free People and Anthropologie.

The capabilities that Nuuly has are a lot bigger than Rent the Runway when it comes to the styles, the new clothes that they can offer every week. It doesn't have to spend all these hundreds of thousands of dollars in inventory because Urban Outfitters already pays for this and already has them.

Narrator: In 2023, Nuuly turned a profit for the first time, something that Rent the Runway has yet to do. Less than a year after it went public, Rent the Runway reduced its corporate workforce by more than 20%. But it still wasn't enough to offset the problems plaguing the company.

One of the problems with the IPO is that the company would have been able to use much of this money that they had raised to improve their inventory levels, to improve the styles, but that's something that the company didn't do. Instead, they used most of this money to improve their financial position. I think that consumers, they realized that the newness that they really appreciated from Rent the Runway was not longer there and they had other options.

Narrator: With 90% of its stock value gone since its IPO, Rent the Runway's shares are now trading at around $20. Rent the Runway's ability to bounce back will depend on how it can adapt to a constantly evolving fashion market. The company has said it is buying fewer but more popular styles and executives expect to spend less money than the company makes in 2024. Rent the Runway declined to comment but after this video was published it released an earnings report that said it reduced its free cash flow burn to less than $2 million, a record low for the company. It also said its customer loyalty rate is at its highest level in over 2 1/2 years and nearly half of Rent the Runway's assortments are now financially risk-free.

The Unraveling of Rent the Runway, Explained

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