As the world obsesses over AI, pumping endless time and money into the next revolution, the obsessions and revolutions of the past are still there lingering — and some might finally be ready to flower away from the spotlight.
Rent the Runway Inc. is Exhibit A.
Jennifer Hyman, the company’s cofounder and now former chief executive officer, spent 17 years recasting the concept of fashion rental, creating a new category and trying to build a profitable business on the public market.
It was a heavy lift.
Lately, though, the company has seen some progress. Revenues jumped 7.7 percent to $329.8 million last year, with an average of 143,558 active subscribers, and net earnings of $22.6 million. The business continued to grow in the first quarter.
