A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Investors Sink $60M into Rent the Runway
The company said it will use some of the money to expand its retail footprint.
New York--Rent the Runway, the company that specializes in renting out dresses and jewelry for special occasions, announced that it has a secured a $60 million round of funding led by Fidelity Management and Research Company.
In a news release issued Tuesday, the New York-based company said that total investment now stands at $190 million, with participation in this latest round of funding also coming from existing investors Technology Crossover Ventures, Bain Capital Ventures, Highland Capital Partners and Advance Publications Inc.
Boston-based Bain is no stranger to the jewelry industry, as Bain Capital Private Equity is one of the companies that is buying and taking private online jewelry retailer Blue Nile, while Advance Publications owns the company that will be taking over publication of JCK magazine and JCKOnline.com come Jan. 1.
Rent the Runway said it will use the new round of funding to invest in its original product--renting out singular dresses and accessories for special occasions--while also sinking money into operations and its subscription business, Unlimited.
The subscription business, which launched this past spring, gives customers access to $40,000 worth of designer clothing in one year for a fixed monthly price.
Rent the Runway also said it plans to use the money to open more stores. It already has stores in six cities, including its recently opened 5,000-square-foot flagship in New York and its new shop-in-shop in Neiman Marcus’ San Francisco store.
“We’re coming off our most successful years since the company’s inception, with the launch of our Unlimited subscription business, our partnership with Neiman Marcus and our new flagship store in New York,” said co-founder and CEO Jennifer Hyman.
“We are excited to bring Fidelity as a partner as we continue to disrupt the closet and remain at the forefront of the access economy,” she said, referencing the term that has come to replace sharing economy in reference to businesses like Rent the Runway and Zipcar where goods and services are traded on the basis of access instead of ownership.
The Latest
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.
Emily Highet Morgan and Emily Bennett have joined the agency’s team.
Its updated book for mountings is also now available.
She has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
Joyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
He is remembered by loved ones for his loyalty, integrity, and kindness.
Hosted by Freeman’s | Hindman, the sale will take place May 7-8.
The auction house said all 24 timepieces offered in its underground sale of rare and avant-garde watches quickly found buyers.
From lab-grown diamonds and AI to the inevitable Taylor Swift mention, here are some of Conclave’s most intriguing educational offerings.
From cybersecurity liability to trade show coverage, insurance experts share tips on how to build the right policy.
The charm is a modern rendition of the evil eye amulet that has been worn for thousands of years.
Ahead of its trade show next month, TJS awarded free registration and accommodations to one jewelry professional and three students.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Members can still sell lab-grown stones, it said, but only natural gems are allowed on the show floor.
He is remembered for his charisma, passion, integrity, kindness, and wit.