Rent the Runway is thinking well beyond the office or your cousin’s wedding. On Friday, the clothing rental giant announced it will lend kids clothing beginning April 15.
RTR Kids will focus on girls’ special occasions and “mommy-and-me” styles, spanning high-end designers such as Chloé, Fendi, Stella McCartney, Little Marc Jacobs, Marni, and more. It will be part of members’ current monthly subscription services and available via Reserve, which allows customers to rent items for four or eight days. Current available sizes are 3Y to 12Y.
“We wanted to cover the ages where kids are moving around a lot, where they’re growing quickly, they’re going to holidays and parties and fun events, [but] it becomes both time-consuming and expensive for moms,” said Hyman. “Keeping up with the cleaning and the upkeep [of those clothes] becomes a burden. We thought this would provide the most benefit for moms.”
The children’s line is the latest in the company’s expansion efforts. Earlier this year, Rent the Runway added home goods rentals, too. In a partnership West Elm, Rent the Runway loans 26 different “home bundles” that include trendy pillows, blankets, and shams. It joins a list of other new features the company introduced, including a service called Unlimited in which members rent everyday clothing.
Rent the Runway’s subscription business grew 160% year over year.
“We literally find that there is nothing [our customer] won’t try as long as the products are design-forward and high-quality,” Hyman told Fast Company.
Last month, Rent the Runway achieved unicorn status. The New York-based company announced a $125 million investment, bringing its total investment to $337 million. Rent the Runway is now valued at $1 billion.
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