Paige Thomas, previously Chief Commercial Officer at Rent the Runway, has ascended to the role of CEO, starting on Monday. She joins a growing list of Nordstrom alumni holding leadership positions at the apparel rental company, including Teri Bariquit, who has served as interim CEO since May following co-founder Jennifer Hyman’s departure.
Background and Career Path
Thomas joined Rent the Runway in June after a significant career that includes positions such as chief merchant and product innovation officer at Signet Jewelers and president and CEO of Saks Off 5TH. During her decade-long tenure at Nordstrom, her roles included five years at Nordstrom Rack. Notably, Thomas’s connection with Rent the Runway began even before her official association with the company. While she was at Saks, the off-price brand collaborated with Rent the Runway to sell once-rented designer items on the Saks Off 5th website until it closed earlier this year due to Saks Global’s bankruptcy.
Leadership Changes
Replacing Bariquit, who steps into the role of non-executive board chair, Thomas assumes her new responsibilities as Rent the Runway seeks to build on its recent successes. Dhiren Fonseca, the outgoing executive chairman, will maintain his place on the board as a director. Despite these leadership changes, the company aims to continue its strategic trajectory.
Financial Performance
Rent the Runway has reported notable financial progress in its Q2 results. Revenue increased by nearly 21% from the previous year, reaching $97.7 million. The number of active subscribers, however, saw a slight decrease of nearly 4%, now standing at 140,826. The company’s gross margin improved by 610 basis points to 36.1%, while its net loss was reduced by over 50% to $12.9 million.
Future Outlook
According to Bariquit, the company has concentrated its efforts on enhancing its core rental services and devising a strategic plan for 2027 aimed at business transformation. Thomas, in her statement, emphasized that her leadership would focus on accelerating the solid groundwork already established by the team, rather than shifting the company’s direction.
Reporting based on coverage first published by retaildive.com.