A clothing rental renaissance is underway.
Rent the Runway — the long-time leader in the space that teetered on bankruptcy during the pandemic — has rebounded. The company reported $306.2 million in revenue in 2024, a 2.7 per cent year-on-year increase since 2023, and said subscriptions are now just shy of pre-pandemic highs. Urban Outfitters’s Nuuly reported $378 million in revenue in 2024 during its first profitable year. The company’s first-quarter earnings showed $124.4 million in net sales, suggesting that it may be on track to meet the ambitious $500 million revenue goal set by its parent company, Urbn.
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