Report: Rent the Runway co-founder joins Walmart tech incubator

Walmart’s tech start-up has added a new leader.



The retail giant’s newly launched startup investment arm, called Store No. 8, has named Jenny Fleiss as the chief executive of its first portfolio company, according to Reuters. Fleiss is the co-founder and former head of business development for Rent the Runway.



Store No. 8, which is being spearheaded by Marc Lore, Wal-Mart's e-commerce head, will work with startups that specialize in areas that include robotics, virtual and augmented reality, machine learning and artificial intelligence. Fleiss will run code eight, a start-up company that will develop personalized, one-to-one shopping experiences, the report said.



This is familiar ground for Fleiss. As the leader of the designer fashion rental company, she was responsible for managing business growth and long term-strategy planning, including honing key partnerships, and driving sponsorship sales and long-term strategic growth opportunities. She also assisted with company-wide infrastructure, project and financial planning, and lead key logistics decisions — all factors that contributed to the start-up company’s rapid growth trajectory.



Fleiss, who officially left Rent the Runway in March, will play a key role in evolving the company. In a report in Business of Fashion, Fleiss said, “I have missed the earlier stages of starting a business for a couple of years now. The big mission is to make shopping magical and enjoyable for consumers. There isn’t as much magic in online shopping today.”



By leveraging experiences from Store No. 8, the retailer is adding another weapon in its arsenal to battle its agile online rival Amazon.