Rent the Runway has appointed Paige Thomas as its new CEO, effective Monday, September 14. Thomas previously served as the company's CCO since June and held leadership roles at Signet Jewelers, Saks OFF 5th, and Nordstrom Rack.
The leadership transition follows the tenure of Teri Bariquit, who served as interim CEO and president since May. Bariquit will transition to the role of non-executive chair of the board, while Dhiren Fonseca will step down as executive chairman but remain on the board.
The company reported its financial results for the quarter ended July 31. Management noted a focus on the core rental business, leading to the discontinuation of several pilot projects, including an online marketplace, on-site advertising, and new B2B dry cleaning opportunities.
Technological updates include the launch of an AI-powered outfit generation feature in June, following a May pilot. Additionally, the company introduced avatars within its fashion experience platform in August.
