- 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."
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.