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Rent the Runway has promoted Chief Commercial Officer Paige Thomas to CEO, effective Monday. Thomas, one of a cohort of Nordstrom alums now at the apparel rental site, arrived in June. In addition to her decade at Nordstrom, including five years at Rack, Thomas previously was chief merchant and product innovation officer at Signet Jewelers and president and CEO of Saks Off 5TH. Thomas’s work with Rent the Runway predates her arrival at the company earlier this year. Four years ago, during her tenure at Saks, the off-price business partnered with Rent the Runway, in a program where customers could buy once-rented designer items from the Saks Off 5th website. That website was shuttered when Saks Off 5th’s e-commerce business liquidated early this year as part of owner Saks Global’s bankruptcy. Nordstrom Rack also began selling garments from Rent the Runway in 2020. Thomas replaces Teri Bariquit, formerly Nordstrom’s chief merchant, who has been serving as Rent the Runway’s interim CEO since the May departure of co-founder Jennifer Hyman. Bariquit has been appointed non-executive board chair, replacing Dhiren Fonseca, who will step down as executive chairman but continue as a director. The announcement of Thomas’s promotion came as Rent the Runway released Q2 results featuring sales growth and narrower losses. Total revenue rose nearly 21% year over year to $97.7 million, while the number of active subscribers declined nearly 4% to 140,826. Gross margin expanded by 610 basis points to 36.1%, and net loss shrank by more than 50%, reaching $12.9 million. These transitions are unlikely to alter the company’s trajectory. In a statement, Bariquit said that in Q2 the company focused its resources on its core rental offer “and began building a 2027 plan centered on transforming the business.” In her statement, Thomas said that her approach “is not a new direction — it's an acceleration of the strong foundation the team has built.”
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