Often grouped with online resale platforms like thredUP and The RealReal, which were founded at around the same time, Rent the Runway is part of a cohort of startups that have aimed to disrupt the steep environmental costs associated with the fashion industry. So far, though, fast fashion has outpaced these efforts, and profitability challenges continue to plague resale and rental models due to hefty logistical costs.
Leaning on IRL connections
McGrath, who will report directly to Hyman, starts March 4. Before her role at Afterpay, she held senior marketing positions at fast fashion company Boohoo, luxury brands Coach and Alexander Wang, and luxury retailer Net-a-Porter.
Rent the Runway’s marketing strategy will center on experiential marketing, lifecycle marketing and customer experience initiatives as the company aims to usher in the “next phase of growth,” as Hyman described it. Planning is already underway for upcoming in-person events in New York, she said.
“We believe we’ll win by accelerating and deepening the emotional connections with our current customers—and reaching new ones via services, events and programs that get RTR back out into the world, interacting IRL (in real life) with our customers and through omnichannel marketing experiences,” McGrath said. “The world has shifted dramatically over the past few years, and we are extremely well-positioned to put the brand back into growth mode and build culturally relevant storytelling and campaigns that infuse RTR in our customers’ everyday lives.”
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