U.S. fashion rental company Rent the Runway announced on May 13 that co-founder and CEO Jennifer Hyman will step down from her role, marking a major leadership transition for the company as it continues to expand beyond fashion rental into AI, media, and B2B platform businesses.
Hyman will officially step down on May 15, 2026, and will remain as an advisor through January 2027 to support the transition process.
The company also announced the appointment of Teri Bariquit as Interim CEO and President. Bariquit currently serves on Rent the Runway’s Board of Directors and previously held the role of Chief Merchandising Officer at Nordstrom. A formal search for the company’s next permanent CEO is now underway.
Summary
- Rent the Runway co-founder Jennifer Hyman will step down as CEO
- Former Nordstrom executive Teri Bariquit appointed Interim CEO
- The company continues expanding investments across AI, marketplace, media, and B2B businesses
- Rent the Runway reaffirmed its full-year 2026 financial guidance
Founded in 2009, Rent the Runway became widely recognized for pioneering the “Closet in the Cloud” model, helping normalize clothing rental and reshaping how consumers access fashion. Over the years, the company expanded beyond rental into subscription services, resale, and à la carte offerings while building a customer base that spans millions of women.
The company also became one of the relatively small number of female founder-led businesses to complete an IPO when it went public on Nasdaq in 2021.
In the official announcement, Hyman reflected on her journey building the company:
“Building Rent the Runway has been one of the greatest privileges of my life. What has made it meaningful was never just what we built — it was the people who built it with me, the partners who trusted us, and the customers who let us be part of the moments that mattered most. Rent the Runway is stronger today than it has ever been, and that is exactly why this is the right moment for me to step down so Rent the Runway can write its next chapter.”
Bariquit, who will now lead the company on an interim basis, emphasized Rent the Runway’s current momentum across several growth initiatives, particularly its online marketplace, advertising and media business, and B2B services.
“Rent the Runway is a business that has fundamentally reshaped how our customers think about, access, and experience fashion. The company is in its strongest financial position in years, with clear momentum across key initiatives, including our online marketplace, advertising and media platform, and B2B services.”
One of the most notable aspects of the leadership transition is the company’s increasing focus on evolving into a broader technology and platform business powered by AI, data, and logistics infrastructure.
In the release, Executive Chairman Dhiren Fonseca highlighted the company’s “proprietary data,” “AI-driven technology,” and scaled logistics network as key competitive advantages supporting the next phase of growth.
Board member Damian Giangiacomo also pointed to expanded product categories such as handbags and jewelry, while noting that the company is “further strengthening engagement through investment in AI and strategic growth initiatives.”
Across the luxury and fashion industries, resale, rental, and subscription-based consumption models continue gaining traction as consumers increasingly rethink traditional ownership. Against this backdrop, Rent the Runway appears to be positioning itself not only as a fashion rental company, but as a broader fashion infrastructure platform built around technology, customer data, and flexible access to fashion.
The company also reaffirmed the full-year 2026 financial guidance it previously issued in April.
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