Rent the Runway launches dry cleaning, other external services

Online clothing rental subscription service Rent the Runway is embarking on what Cofounder and CEO Jennifer Hyman calls “a new set of revenue-generating strategies” by launching B2B dry cleaning services, scaling up its advertising business with a “diverse set of brand partners,” launching a new online marketplace focused on accessories and introducing 30 new brands this year. The third-party dry-cleaning service has already launched with one external partner and is aimed at clothing brands and hotels. The company told investors in an earnings call April 14 that active subscribers increased more than 20% to 144,000 last year because of its “return to customer obsession throughout the company.”