In a joint press release Thursday (July 28, 2010), Saks of 5th partnered with the pre-owned fashion retailer to lease the runway to give Saks customers access to second-hand designer fashion.
Rent Runway’s pre-owned merchandise collection, which includes hundreds of styles from more than 60 designer brands at the time of release, is now also available on the Saks Off 5th website.
“We are focused on providing designer fashion at incredible prices and will continue to look for new ways to expand our offerings and deliver on that promise to our customers,” said Page Thomas, president and CEO of Saks 5th. “Through this unique relationship with Rent Street, we’re introducing new brands by offering exclusive deals and pre-owned apparel from a trusted partner that’s tailored to our customers.”
More than 70% of Saks Off 5th customers have purchased pre-owned clothing, shoes or accessories, according to research cited in the statement, with 80% saying they would like the opportunity to purchase pre-owned fashion directly from Saks Off 5th. .
“This collaboration with Saks of 5th reinforces and reinforces Runway’s mission to reach a wider audience for greater value — both environmentally and financially — in already beloved fashion,” said Jennifer Hyman, CEO and founder of Runway. “Whether it’s through renting or repurchasing, the secondary economy is a vital part of creating a more sustainable future for our industry.
“Saks Off 5th is known for offering amazing designer items at great prices, which is a great launching pad to help educate more consumers and extend the life of these clothes.”
In June, Runway Rent the Runway announced its active subscriber count for the three months to April 30. Quarterly revenue also increased 100% year over year for the first quarter.
Related: Rent runway benefits from weddings, social gatherings, travel runways
Rent Runway’s Q1 revenue of $67.1 million doubled from $33.5 million in the first quarter of fiscal 2021. The platform’s active subscribers were just 135,000 short, up 82% year over year from Q1 of fiscal 2021. Total subscribers increased by 70%. At the same time to 177,213.
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New PYMNTS Survey Shows Strong Interest in 3 Out of 4 Consumers with Super App
In Care Of A new study by PYMNTS, “The Super Up Shift: How Consumers Want to Save, Shop and Spend in the Connected Economy,” in partnership with PayPal, analyzed responses from 9,904 consumers in Australia, Germany, the UK and the US. And instead of using dozens of individual ones, there has been a strong demand for a single versatile super app.
