Rent The Runway Expands Partnership With Nordstrom Through New Pilot
On the latest episode of Today In Five:
Rent the Runway is continuing to expand its partnership with Nordstrom. The companies are piloting a new Rent the Runway service at select Nordstrom Rack locations.
- Facebook is backing off its plan to sell ads in WhatsApp, a retreat from a plan that drove the creators of the popular app to resign more than a year ago, according to people familiar with the matter. The shift marks a detour in the social media giant’s plan to monetize WhatsApp, which it bought in 2014 for $22 billion. WhatsApp is among popular Facebook services, along with Instagram, Messenger, and the core Facebook platform, that attract a combined 2.8 billion monthly users.
- Disney+ has done incredibly well since its launch in November 2019. According to new data from Sensor Tower, which focused on app trends in the final quarter of 2019, Disney+ was downloaded more than 30 million times in Q4 2019, more than double its nearest competitor, TikTok. Those total downloads were counted across both the Apple App Store and Google Play, with the App Store accounting for over 18 million of the Disney+ downloads and Google Play accounting for more than 12 million. On the App Store, Disney+ beat out Youtube and TikTok for the number one spot, after YouTube held the top spot for the past four quarters. In terms of revenue, Disney+ grossed more than $50 million in its first 30 days. The Disney+ app was also able to reach 71% of Netflix’s peak revenue in December.
- Bose announced it will close all 119 retail stores in North America, Europe, Japan, and Australia in the coming months according to a company statement. The company will offer severance and outplacement assistance to impacted employees but declined to state the exact number of workers that will be affected. Bose is pulling back on its brick-and-mortar presence to focus on its e-commerce presence, stating that its noise-canceling headphones, wireless sport earbuds, portable speakers, and smart speakers are, “increasingly purchased through e-commerce.” The company’s vice president of global sales noted the change comes as they’re focusing on what customers need and where they need it.
Rent the Runway Deepens Partnership with Nordstrom
Rent the Runway is piloting a new offering, called Rent the Runway Revive, in select Nordstrom Rack locations. According to an email sent to Rent the Runway customers, Revive will be available at Rack locations for a limited time only and give customers access to, “gently worn, ready-to-wear styles starting at $28.” The new offering is part of an expanding partnership with the two companies. Rent the Runway already has drop-off locations at several Nordstrom and Nordstrom Local locations. The companies tested the service in Los Angeles over the summer and expanded it in November. This latest move gives Rent the Runway a powerful off-price outlet to sell its older inventory, while possibly giving Nordstrom Rack stores a small boost of foot traffic as well.
While they’re deepening their relationship with Nordstrom, it’s not the only company Rent the Runway has in its sights. In 2018, the company partnered with WeWork on launching drop-off spots at the co-working company’s locations and also announced a collaboration with West Elm for a home goods rental service. Just this December, Rent the Runway also announced a partnership with W Hotels, offering a curated Closet Concierge service for traveling customers to rent clothes while traveling for business or on vacation. The rental company hit unicorn status in March of 2019 and has since expanded into kid’s rentals. Selling at Nordstrom Rack locations is just one of many recent decisions geared toward offering more services to its customers, and more convenient places to find Rent the Runway.