Rent the Runway names CEO as Q2 sales rise
Rent the Runway has named a 30-year retail veteran Paige Thomas as its new leader.
The fashion rental company has promoted Thomas to CEO, effective Sept. 14. She succeeds board member Teri Bariquit who has served as president and interim chief since Rent the the Runway co-founder Jennifer Hyman departed in May.
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As part of the transition, Bariquit, a Nordstrom veteran, has been appointed non-executive chair of the board effective the same date. She will work closely with Thomas to support the change. Dhiren Fonseca, will step down as executive chairman, and continue as a board member.
Thomas joined Rent the Runway as chief commercial officer in June 2026, and previously served as chief merchant and product innovation officer at Signet Jewelers, president and CEO of Saks Off 5th, and spent more than a decade at Nordstrom, including five years leading Nordstrom Rack.
“I'm focused on listening to our customer and making every decision through her lens, doubling down on fashion and what makes this fashion service platform unique, while executing with operational excellence," said Thomas. "This is not a new direction — it's an acceleration of the strong foundation the team has built."
Second Quarter
Rent the Runway reported that its second-quarter net revenue climbed 20.8% to $97.7 million. The average number of active subscribers during the quarter was 1% higher than the year before.
The company narrowed its loss to $12.9 million, or $0.38 a share, compared with a loss of $26.4 million, or $6.23 a share, a year earlier.
"Rent the Runway is operating from a focused foundation, with a core rental business that continues to grow and a customer who is telling us what she values most," said Bariquit. "This quarter we concentrated our resources on that core, delivered capabilities against the discovery experience we committed to at the start of the year, and began building a 2027 plan centered on transforming the business. I want to thank Dhiren for his leadership as executive chairman through this transition, and I am confident in the company Paige is stepping into.”
