Add news
Нами Накагава — Kimi Wa Kirameki/Ты - Сияние! (feat. Ichigo Tanuki)
March 2010
April 2010
May 2010June 2010July 2010
August 2010
September 2010October 2010
November 2010
December 2010
January 2011
February 2011March 2011April 2011May 2011June 2011July 2011August 2011September 2011October 2011November 2011December 2011January 2012February 2012March 2012April 2012May 2012June 2012July 2012August 2012September 2012October 2012November 2012December 2012January 2013February 2013March 2013April 2013May 2013June 2013July 2013August 2013September 2013October 2013November 2013December 2013January 2014February 2014March 2014April 2014May 2014June 2014July 2014August 2014September 2014October 2014November 2014December 2014January 2015February 2015March 2015April 2015May 2015June 2015July 2015August 2015September 2015October 2015November 2015December 2015January 2016February 2016March 2016April 2016May 2016June 2016July 2016August 2016September 2016October 2016November 2016December 2016January 2017February 2017March 2017April 2017May 2017June 2017July 2017August 2017September 2017October 2017November 2017December 2017January 2018February 2018March 2018April 2018May 2018June 2018July 2018August 2018September 2018October 2018November 2018December 2018January 2019February 2019March 2019April 2019May 2019June 2019July 2019August 2019September 2019October 2019November 2019December 2019January 2020February 2020March 2020April 2020May 2020June 2020July 2020August 2020September 2020October 2020November 2020December 2020January 2021February 2021March 2021April 2021May 2021June 2021
News Every Day |

Gwyneth Paltrow is Rent the Runway's newest board member - but she's never used the clothes-rental service

Gwyneth Paltrow Getty Images
Gwyneth Paltrow joins Rent the Runway's board.
  • Gwyneth Paltrow is joining the board of directors at clothes-rental service Rent the Runway.
  • Paltrow told The New York Times that she's never used Rent the Runway.
  • "I've got my welcome code in my inbox, so I'll soon be trying it out," she told The Times.
  • See more stories on Insider's business page.

Gwyneth Paltrow, actress and founder of lifestyle brand Goop, is joining the board of directors at Rent the Runway, the clothes-rental service. The news was first reported by The New York Times.

Paltrow told The Times that she's never actually used Rent the Runway.

Rent the Runway started in 2009 as a way to rent one-off items for special events. It's grown into a platform for people to rent everyday clothes instead of buying new ones. It has also added kids' clothing and homeware rentals, via a partnership with West Elm.

"What's fascinating is that, in my own way, I've been renting the runway for years," she told The Times. "Borrowing a dress from a designer for a single moment at a premiere or an awards show, then giving it back afterward. Now I guess everyone is doing it. But I've got my welcome code in my inbox, so I'll soon be trying it out."

Read more: EXCLUSIVE: Rent the Runway CEO Jennifer Hyman, one of the most successful female founders, is fighting to save her company

Rent the Runway CEO Jennifer Hyman is hoping to tap into Paltrow's entrepreneurial expertise. Critics say some of Goop's products and recommendations, including its $66 vaginal jade eggs or bee venom therapy, are backed by unsubstantiated health claims, but Paltrow has built the brand into a $250 million empire.

"Gwyneth's keen understanding of consumer psychology and unparalleled ability to tap into and define the cultural zeitgeist will play a key role in propelling Rent the Runway forward in a post-pandemic world," Hyman said in a LinkedIn post this week, adding that the two have known each other for longer than a decade.

Rent the Runway started in 2009 as a way to rent one-off items for special events, and it's grown to become a platform for renting everyday items as an alternative to buying new clothes. It has also added kids' clothing and homeware rentals, via a partnership with West Elm.

Pre-pandemic, CEO Jennifer Hyman was prepping it to become the "Amazon Prime of rental" by diversifying into new areas. But when the pandemic hit, people went off the idea of renting clothes. It wiped $250 million from the company's valuation, and Hyman was forced to close its stores and lay off or furlough half of its staff.

Read the original article on Business Insider

Read also

HUGE George Floyd statue unveiled at Newark City Hall sparks controversy

PFL 2021 #5: MacDonald vs Tibau preview, weigh-in results

Sean Combs Signs With WME, Partners With Endeavor on Program For Aspiring Execs From Underrepresented Backgrounds

News, articles, comments, with a minute-by-minute update, now on — latest news 24/7. You can add your news instantly now — here
News Every Day

Will the presidents of the United States and the Russian Federation be able to reach agreement on the "bankruptcy" of China during the summit in Geneva