Kevin JohnsonRent the Runway (RTR) is an e-commerce platform based in New York that allows users to rent, subscribe, or buy designer apparel and accessories. The company was founded in Nov 2009 by former Harvard Business School sectionmates Jennifer Hyman and Jennifer Fleiss. In 2016, RTR started offering everyday clothing through a subscription model. The company became a unicorn in Mar 2019 after a funding round increased its valuation to $1 billion. In May 2023, Rent the Runway launched RTR CONCIERGE. This luxury-style service uses text-based communication to help new subscribers get the most out of their membership. In Q1 2023, the company unveiled Rent-the-Look to improve product discovery and a new convenience feature in At-Home Pickup. [1]
Rent the Runway disrupted the fashion industry through its closet in the cloud model. Subscribers can rent items and shop for resale from hundreds of designer brands. Its Closet in the Cloud offers evening wear, ready-to-wear, workwear, denim, casual, maternity, outerwear, knitwear, loungewear, jewelry, handbags, activewear, and ski wear. The company planned to leverage AI models to improve its website’s search and discovery experience.
In Q1 2023, Rent the Runway recorded a 7.6% increase in active subscribers to over 145,000. But the company faces stiff competition from Nuuly, Le Tote, Gwynnie Bee, Armoire, Vince Unfold, GlamCorner, and Haverdash. [2]
Here is an in-depth analysis of Rent the Runway’s top competitors and alternatives:
1. Nuuly
Year founded: 2019
Headquarter: Philadelphia, Pennsylvania
Nuuly is a clothing rental subscription service offered by URBN, the parent company of Urban Outfitters, Anthropologie, and Free People. The brand also operates the Nuuly Thrift resale marketplace. As of May 2023, Nuuly had around 150,000 subscribers.
Nuuly offers thousands of items from over 300 brands. But it is a URBN brand. So, most of its inventory comes from Urban Outfitters, Anthropologie, and Free People. Customers pay $98/month to rent six items monthly. Nuuly is the top Rent the Runway competitor and alternative. [3]
2. Le Tote
Year founded: 2012
Headquarter: San Francisco, California
Le Tote is an online women’s clothing rental business. It uses a subscription box model and operates on a monthly fee ranging from $39 to $69. In Aug 2020, Le Tote acquired Lord & Taylor in a $100 million deal.
Le Tote is a leading women’s fashion subscription. Customers receive a customized box of clothing and fashion accessories to wear and send back after a month for a new selection. However, the main competitive advantage of Le Tote is its highly personalized business model powered by an algorithm named Chloe. Chloe can predict customers’ favorite products and pick the correct size from over 150 brands. Le Tote is an innovative competitor for Rent the Runway. [4]
3. Gwynnie Bee
Year founded: 2012
Headquarter: New York City, New York
Gwynnie Bee is an unlimited-access clothing subscription service. The brand offers casual wear, workwear, and formal apparel for sizes 0-32. In Jun 2023, Gwynnie Bee’s membership fee started at $49.
Gwynnie Bee offers free shipping and exchanges for clothing rentals. Each customer with an active membership gets a virtual closet with their personalized collections. Gwynnie Bee uses a tiered subscription pricing model. Customers pay $49/month to rent one item at a time, $69/month for two products, and $95/month for three pieces. Gwynnie Bee is one of the best alternatives to Rent the Runway. [5]
4. Armoire
Year founded: 2016
Headquarter: Seattle, Washington
Armoire is a clothing rental and personal styling service. The platform uses an algorithm to create personalized collections for each customer’s virtual closet. As of Apr 2023, Armoire offered three monthly subscription plans, starting at $79.
Armoire and Rent the Runway charge $69 for the first month. But Armoire is cheaper than Rent the Runway in the long run because its plans cost $79 in subsequent months versus $94 for RTR. Another selling point of Armoire is its personal styling service, including one-on-one virtual consultations with a stylist. Armoire is a one-stop shop for stylish women and a worthy competitor for Rent the Runway. [6]
5. Vince Unfold
Year founded: 2002
Headquarter: New York City, New York
Vince is a leading global luxury apparel and accessories company. It operates 32 retail stores, 12 outlet stores, and an e-commerce platform. In Nov 2018, the company launched its Vince Unfold apparel subscription service to provide fashion rentals.
Vince Unfold offers luxury fashion rentals from the Vince brand. Its products use high-end and high-quality fabrics, such as silk, cashmere, and leather. Customers pay $160 to access the service. They can add your favorite pieces to their virtual closet and select priority items. But they can’t pick what they want to rent. Vince Unfold is one of the top competitors for Rent the Runway. [7]
6. GlamCorner
Year founded: 2012
Headquarter: Sydney, Australia
GlamCorner is an online fashion rental business founded by husband and wife Dean and Audrey Jones. Customers can rent designer dresses, sets, and gowns or buy pre-loved items. As of Dec 2022, GlamCorner charged an AU$79/month membership fee. But customers can pay AU$49/month for one-time rentals.
GlamCorner was founded to combat fashion waste by providing a sustainable alternative for the environment. In Apr 2022, David Jones expanded its partnership with GlamCorner by launching Reloop. Reloop is a circular fashion tool developed by GlamCorner and integrated at the David Jones checkout, allowing customers to resell, rent, recycle, or repair their items. GlamCorner is one of the best alternatives to Rent the Runway for eco-conscious consumers. [8]
7. Haverdash
Year founded: 2019
Headquarter: New York City, New York
Haverdash is an online style subscription service targeted to Millennials who crave the latest fashion trends. Its members can access fashion rentals for a flat $59 monthly fee. According to CBS, Haverdash is cheaper than Rent the Runway and Nuuly. [9]
Haverdash allows members to rent up to three items, with unlimited box swaps monthly. It offers trendy brands like ModCloth, BB Dakota, Lush, and Wildfang. But the main competitive advantage of Haverdash is its budget-friendly pricing. Haverdash is an affordable alternative to Rent the Runway. [10]
8. The Devout
Year founded: 2020
Headquarter: Lincoln, Lincolnshire, UK
The Devout is a British startup specializing in fashion rental subscriptions. It offers designer and everyday menswear and womenswear for monthly rentals. As of Aug 2023, The Devout charged £39/month for a three-item box.
The Devout carries several brands, including Whistles, Homme, Femme, Levi’s, Tommy Jeans, Calvin Klein, Farah, Original Penguin, and Ralph Lauren. Customers can rent three, five, or ten items and swap monthly. The company sends an email at the end of each cycle to remind the subscriber to choose their next box. The Devout is a worthy alternative to Rent the Runway. [11]
9. Vivrelle
Year founded: 2018
Headquarter: New York City, New York
Vivrelle is a designer accessory rental service. Customers can rent high-end handbags for a small fee for a month instead of investing thousands of dollars to buy outright. As of Feb 2023, Vivrelle’s membership tiers started at $39/month.
Vivrelle and Rent the Runway offer fashion rentals. But Vivrelle specializes in luxury bags and jewelry. The company provides membership tiers – Premiere for $39/month to rent jewelry worth $1,000 or less and Classique for $99 to access one jewelry or bag worth $4,000 or less. The third option costs $199/month and offers one piece of jewelry, handbag, or limited-edition item. Vivrelle is one of the best alternatives to Rent the Runway for designer bags and jewelry. [12]
10. Eloquii
Year founded: 2012
Headquarter: Columbus, Ohio
Eloquii is an American plus-size retailer. In Aug 2020, the company launched the Eloquii Unlimited platform to expand into the rental clothing sector. FullBeauty Brands acquired Eloquii from Walmart in Apr 2023 for an undisclosed amount.
Eloquii Unlimited is the go-to rental service for plus-size women. In May 2023, Eloquii partnered with Nuuly to expand their rental mix. The collaboration will deliver 25 styles ranging from size 14 to 32, including workwear, casual dresses, and occasion outfits. This partnership increases Eloquii’s competitive advantage over Rent the Runway. [13]
11. Tulerie
Year founded: 2017
Headquarter: New York City, New York
Tulerie is a peer-to-peer clothing and accessory rental platform founded by Violet Gross. Members can shop for items in the closets of other users. In Sep 2021, Tulerie reported over 200% increase in rental reservations. It was the app’s best month since its founding. [14]
Tulerie and Rent the Runway offer clothing rentals. But Tulerie is a peer-to-peer platform that allows members to rent directly from other users. So, it doesn’t curate collections or subscription boxes for customers. Members can keep items for 4, 10, or 20 days. Tulerie is one of the best alternatives to Rent the Runway for peer-to-peer rentals.
12. Nova Octo
Year founded: 2018
Headquarter: New York City, New York
Nova Octo is a rental service specializing in one-of-a-kind dresses. Customers can browse the website using the date filter to view and select available items. On Knoji.com, Nova Octo has a 3.7 score out of 5 points from 31 reviews as of Aug 2023. [15]
Nova Octo offers luxury eveningwear from over 60 designer labels, including Oscar de la Renta, Gucci, Carolina Herrera, Elie Saab, and Giambattista Valli. The company displays items in its TriBeCa showroom and provides same-day delivery in New York. Customers pay a one-time rental fee, including shipping and dry cleaning. Nova Octo is one of the top competitors for Rent the Runway. [16]
13. My Wardrobe HQ
Year founded: 2006
Headquarter: London, UK
My Wardrobe HQ is a fashion rental and resale platform. Users can rent or buy womenswear designer clothes and accessories from iconic brands, such as Chanel, Gucci, Dior, and Rixo. In Jan 2023, the company launched a monthly multi-label rental subscription service. The offering costs £59/month and allows customers to rent luxury items. [17]
My Wardrobe HQ evolves with market changes to stay ahead of the competition. It started as a rental service and later expanded into resale and subscription. In Aug 2023, the company collaborated with Gen Z-focused fashion rental site Rotaro to consolidate stock. The move will help My Wardrobe HQ create a comprehensive closest in the cloud and target Gen Zs. My Wardrobe HQ is one of the top competitors for Rent the Runway. [18]
14. New York & Company (NY&C)
Year founded: 1918
Headquarter: New York City, New York
New York & Company (NY&C) is an American women’s workwear retailer. The company offers the NY&C Closet, which competes against Rent the Runway. As of May 2023, NY&C Closet’s lowest tier was priced at $49/month.
NY&C sells apparel and accessories through its digital storefront. Customers can rely on the NY&C Closet to rent rings, earrings, bracelets, necklaces, workwear, scarves, and handbags. They only need to pay $49/month to access 3 garments and an optional 2 accessories. New York & Company is a cheaper alternative to Rent the Runway. [19]
15. Style Lend
Year founded: 2013
Headquarter: New York City, New York
Style Lend is a luxury fashion rental marketplace. Members can browse through thousands of designer items selected from New York’s best-dressed closets. As of Aug 2023, Style Lend charges a one-time fee of $30/box.
The main competitive advantage of Style Lend is its business model. Customers can monetize their closets by listing their items on the iOS app or stylelend.com, allowing other members to rent them for 7 days. Think of Style Lend as a community of fashion lovers. Style Lend is a worthy alternative to Rent the Runway. [20]
References & more information
- Rent The Runway, Inc. (2023, Jun 7). Rent the Runway, Inc. Announces First Quarter 2023 Results. Globe Newswire
- Deppen, L. (2023, Jun 9). Rent the Runway touts subscriber growth but faces challenges. Retail Dive
- Johnson, E. (2023, May 6). This Clothing Rental Subscription is my Secret to Trendy, Loud Outfits without Fast-Fashion Guilt. InStyle
- E-tail Staff (2023, Aug 21). Here’s How Le Tote Uses Data to Deliver Personalized Fashion-Rental Experiences. E-tail East
- MSA Staff (2023, Jun 8). Gwynnie Bee Reviews: Is Gwynnie Bee Right For You? My Subscription Addiction
- Liao, C. (2023, Apr 27). Armoire vs. Rent the Runway: Which Clothing Rental Service Is the Perfect Fit? Byrdie.com
- BW Staff (2023, May 30). Vince Unfold Review. Britt and Whit
- Bailey, I. (2022 Apr 22). David Jones ramps up fashion resale offering with new GlamCorner platform. Rag Trader
- Lehman, C. (2022, Dec 13). I tried Rent the Runway, Nuuly, and Haverdash. Which clothing rental subscription is the best? CBS
- BW Staff (2023, May 30). Haverdash Review. Britt and Whit
- Williams, J. (2023, Sep 5). Is rental fashion the future? Reviewing the Devout. Reader’s Digest
- Ergas, T. (2023, Feb 17). I tried the luxury rental service Vivrelle — it’s like Rent the Runway but for designer bags and accessories. Business Insider
- Ewen, L. (2023, May 19). Nuuly partners with plus-size brand Eloquii. Retail Dive
- Wasilak, S. (2021, Nov 12). I’ve Been Renting Designer Clothes on an App, and I’ve Never Felt Better about My Outfits. POPSUGAR
- Knoji Reviews (2023, Aug 27). Nova Octo Review: Nova Octo Pros & Cons. Knoji.com
- Jordan, E. (2021, Dec 1). How Nova Octo Is Renewing the Luxury Rental Market. Coveteur
- Fresen, N. (2023, Jan 6). My Wardrobe HQ launched a rental subscription service. The Retail Bulletin
- Wightman-Stone, D. (2023, Aug 9). My Wardrobe HQ teams up with Rotaro to consolidate stock. Fashion United
- BW Staff (2023, May 30). New York & Company Closet Review: Is It Worth It? Britt and Whit
- HS Editor (2023, Aug 13). Style Lend Reviews. HelloSubscription.com
- Featured image by Cam Morin
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