Rent the Runway to sell secondhand luxury on Amazon as it chases profitability
Publishing timestamp: 2023-01-12 15:00:01
Summary
Rent Runway has partnered with Amazon to sell deeply discounted secondhand luxury clothing and never-worn clothing from its "design collective" line. The collaboration is part of Rent Runway's efforts to become profitable and is expected to bring the company wider brand awareness. The resale market is estimated to be worth between $100 billion and $120 billion, and is expected to comprise about 15% of the total luxury market by the end of 2023.
Sentiment: POSITIVE
Tickers: RENT, UNDEFINED, AMZN,
Keywords: amazon.com inc, rent the runway inc, business, apparel retail, business news, thredup inc, retail industry, kate spade,