Saks OFF 5TH Partners with Rent the Runway to Offer Pre-Owned Fashion

Hundreds of Styles from More Than 60 Designers Now Available on SaksOFF5TH.com

NEW YORK, July 28, 2022 /PRNewswire/ -- Saks OFF 5TH, the premier luxury off-price destination, has partnered with Rent the Runway, the largest shared designer closet, to provide Saks OFF 5TH customers access to pre-owned designer fashion for the first time directly from Rent the Runway. 

A curated collection of pre-owned merchandise from Rent the Runway is now available on SaksOFF5TH.com, spanning hundreds of styles from more than 60 designer brands. Customers can browse items for work, vacation, date night and more all at up to 85% off*. 

"At Saks OFF 5TH, we're focused on providing access to designer fashion at an incredible value and we continue to look for innovative ways to expand our offering and deliver on that promise for our customers," said Paige Thomas, President and CEO, Saks OFF 5TH. "Through this unique relationship with Rent the Runway, we're introducing new brands, providing exceptional deals and offering pre-owned apparel from a trusted partner that resonates with our customers." 

A recent survey conducted with Saks OFF 5TH customers revealed that more than 70 percent of respondents previously purchased pre-owned clothing, shoes or accessories. Furthermore, 80 percent of those customers indicated that they want the opportunity to purchase pre-owned fashion directly from Saks OFF 5TH. To cater to its customers and provide a seamless experience, SaksOFF5TH.com will now feature a dedicated 'pre-owned' section that will highlight Rent the Runway's extensive inventory assortment so shoppers can find items with ease. 

"This partnership with Saks OFF 5TH bolsters and reinforces Rent the Runway's mission to introduce an even wider audience to the immense value–both environmental and financial–of pre-loved fashion," said Jennifer Hyman, CEO and Co-Founder, Rent the Runway. "Whether renting or shopping resale, the secondhand economy is a critical part of creating a more sustainable future for our industry. Saks OFF 5TH is known for offering incredible designer goods at great prices, which is a fantastic launch pad to educate more consumers, and help to extend the life of these garments." 

Today, Rent the Runway customers can rent à la carte, subscribe to fashion or shop resale. This partnership with Saks OFF 5TH is an extension of Rent the Runway's existing resale offering, which broadens RTR's funnel of potential customers and offers consumers another way to experience its designer inventory. 

All items have been deemed 'excellent condition' by Rent the Runway and will be identified on SaksOFF5TH.com by a Rent the Runway-specific badge. Rent the Runway's garment science team uses data to optimize cleaning programs and methods to increase garment longevity. By purchasing pre-owned styles from the Rent the Runway assortment, Saks OFF 5TH customers will be contributing to a more circular fashion economy. 

*The reference price for Rent the Runway items is either the original manufacturer's suggested price that retailers sell the item in new condition, or is otherwise based on an evaluation of prices for new comparable merchandise sold elsewhere in the marketplace. 

Saks OFF 5TH is the premier destination for luxury off-price fashion. In its approximately 100 stores in the U.S. and Canada, and online, at SaksOFF5TH.com, the brand offers a compelling assortment of designers to fashion-seeking customers at the best prices.

Shop on SaksOFF5TH.com and the Saks OFF 5TH app, or visit SaksOFF5TH.com to find a store location near you.

Founded in 2009, Rent the Runway is disrupting the trillion-dollar fashion industry and changing the way women get dressed through the Closet in the Cloud, the world's first and largest shared designer closet. RTR's mission has remained the same since its founding: powering women to feel their best every day. Through RTR, customers can subscribe, rent items a-la-carte and shop resale from over 800 designer brands. The Closet in the Cloud offers a wide assortment of millions of items for every occasion, from evening wear and accessories to ready-to-wear, workwear, denim, casual, maternity, outerwear, blouses, knitwear, loungewear, jewelry, handbags, activewear, ski wear, home goods and kidswear. RTR has built a two-sided discovery engine, which connects deeply engaged customers and differentiated brand partners on a powerful platform built around its brand, data, logistics and technology. Under CEO and Co-Founder Jennifer Hyman's leadership, RTR has been named to CNBC's "Disruptor 50" five times in ten years, and has been placed on Fast Company's Most Innovative Companies list four times, while Hyman herself has been named to the "TIME 100: Most Influential People in the World" and as one of People Magazine's "Women Changing the World."

Forward-looking statements include all statements that are not historical fact, including statements related to the items that will be available on SaksOFF5TH.com and how customers' purchases will contribute to a circular economy. Forward-looking statements involve substantial risks and uncertainties that may cause actual results to differ materially from expectations. These risks and uncertainties are more fully described in our filings with the Securities and Exchange Commission, including in the section entitled "Risk Factors" in Rent the Runway's Quarterly Report on Form 10-Q for the quarter ended April 30, 2022, and subsequent reports that Rent the Runway files with the Securities and Exchange Commission. Forward-looking statements represent Rent the Runway's beliefs and assumptions only as of the date of this post. Rent the Runway disclaims any obligation to update forward-looking statements, except as required by law.

SOURCE Saks OFF 5TH

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