Rent the Runway is a fashion rental platform that gives women access to a rotating closet of designer clothing and accessories. Rather than buying clothes, customers rent items from a curated assortment spanning evening wear, workwear, denim, outerwear, handbags, and activewear across hundreds of brands. The platform offers three access modes: a monthly subscription (the core product), a-la-carte Reserve rentals for specific events, and Resale of pre-loved items. Subscriptions account for roughly 90% of total revenue, with plans priced between $109 and $275/month. As of January 2026, Rent the Runway had approximately 144,000 active subscribers. The company sources inventory through three channels: wholesale purchases, a consignment arrangement called Share by RTR (where brands are paid a revenue share based on actual rental performance), and co-designed Exclusive collections manufactured at roughly 35% below wholesale cost. Share by RTR and Exclusive Designs together grew from ~26% of inventory acquisition in FY19 to ~69% in FY25, reducing upfront capital requirements. A key operational focus is maximizing how many times each garment is rented before it is written off, which drives gross margin. The company invests in garment care technology, RFID-based logistics, and fulfillment automation across two centers totaling ~486,000 square feet in New Jersey and Texas. In FY25, Rent the Runway nearly doubled new inventory purchases year-over-year to drive subscriber retention and growth, leaning on Share by RTR to limit cash outlay, with management expecting this investment to benefit results in FY26 and beyond.