Rent the Runway, Inc. (RENT) is engaged in offering a shared designer closet called Closet in the Cloud. By enabling women to wear whatever they want without possessing it, the company offers a selection of more than 19,000 designs from more than 780 designer labels. The company outperformed the top and bottom lines analysts’ estimates in its recent quarterly release.
According to Goldman Sachs Group Inc. (GS) analyst Eric Sheridan, RENT will be more economically resilient as luxury buyers seek more inexpensive and flexible solutions in a more challenging economic climate. Long term, he continues to see RENT as the leader in the subscription-based endeavor to encourage the adoption of the sharing economy concept in the garment sector.
