Saks Off 5th has teamed up with pre-owned fashion retailer Rent the Runway to give Saks customers access to secondhand designer fashion, according to a joint press release Thursday (July 28).
A curated collection of Rent the Runway’s pre-owned merchandise is now also available on the Saks Off 5th website, encompassing hundreds of styles from more than 60 designer brands, per the release
“We’re focused on providing access to designer fashion at an incredible value and we continue to look for innovative ways to expand our offering and deliver on that promise for our customers,” said Paige Thomas, president and CEO, Saks Off 5th. “Through this unique relationship with Rent the Runway, we’re introducing new brands, providing exceptional deals and offering pre-owned apparel from a trusted partner that resonates with our customers.”
More than 70% of Saks Off 5th customers said they previously bought pre-owned clothing, shoes or accessories, according to a survey cited in the release, while 80% said they want the chance to buy pre-owned fashion directly from Saks Off 5th.
“This partnership with Saks Off 5th bolsters and reinforces Rent the Runway’s mission to introduce an even wider audience to the immense value — both environmental and financial — of pre-loved fashion,” said Rent the Runway CEO and co-founder Jennifer Hyman. “Whether renting or shopping resale, the secondhand economy is a critical part of creating a more sustainable future for our industry.
“Saks Off 5th is known for offering incredible designer goods at great prices, which is a fantastic launch pad to educate more consumers and help to extend the life of these garments.”
In June, Rent the Runway announced a record active subscriber count in the three months through April 30. Rent the Runway’s revenue was also up 100% year over year for the first quarter.
Related: Rent the Runway Benefits From Boost in Weddings, Social Gatherings, Travel
Rent the Runway’s Q1 revenue was $67.1 million, double its $33.5 million in the first quarter of fiscal year 2021. The platform’s active subscribers were just short of 135,000, up 82% year over year from Q1 in fiscal 2021. Total subscribers were up 70% in the same time period to 177,213.
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