New York, NY – May 13, 2026 – In a significant shift for the pioneering fashion rental company, Rent the Runway announced today that Teri Bariquit, a seasoned retail executive with nearly four decades of experience at Nordstrom, will assume the role of interim Chief Executive Officer and President, effective Friday. This transition marks the departure of co-founder Jennifer Hyman from her long-held CEO position, a role she has occupied since the company’s inception in 2009.
Hyman, who co-established Rent the Runway with Jennifer Fleiss, has been instrumental in revolutionizing the way consumers access high-fashion apparel. The company, which allows customers to rent designer clothing and accessories for various occasions, has undeniably disrupted the traditional retail landscape. Despite achieving profitability in the preceding year, Rent the Runway has navigated a complex journey since its launch, grappling with the inherent challenges of scaling a subscription-based, asset-heavy business model.
Hyman will also be stepping down from her role as President and relinquishing her seat on the board of directors. However, she is slated to remain with the company in an advisory capacity until January, providing continuity and support during this critical leadership handover.
A New Chapter for a Fashion Innovator
The announcement was accompanied by a heartfelt statement from Jennifer Hyman, shared via LinkedIn on Wednesday. "Today, after 18 years I have decided to step down as Rent The Runway’s CEO and from the Board of Directors," Hyman stated. "I firmly believe that RTR is in a stronger position than it’s ever been, which is why this is as good a time as any to let RTR write its next chapter." Her tenure has been characterized by an unwavering commitment to innovation and a vision to democratize access to luxury fashion.
The selection of Teri Bariquit as interim CEO signals a strategic move to leverage deep industry expertise during this pivotal period. Bariquit brings an extensive background in retail merchandising and operations, honed over a distinguished career entirely within the hallowed halls of Nordstrom. Her association with Rent the Runway is not new; she has been an active member of the company’s board of directors since October 2025, gaining intimate knowledge of its operations and strategic direction.
In her own statement released on Wednesday, Bariquit expressed optimism about Rent the Runway’s current trajectory. "The company is in its strongest financial position in years, with clear momentum," she remarked. Bariquit outlined her immediate priorities, emphasizing her focus on "supporting our team and executing against our clear roadmap." She specifically highlighted the recent establishment and growth of the company’s online marketplace, its burgeoning media platform, and its expanding B2B services as key drivers of this positive momentum.
The Genesis of a Disrupter: A Look Back at Rent the Runway’s Journey
Rent the Runway’s story began in 2009, a time when the concept of renting high-end fashion was largely unheard of. Jennifer Hyman and Jennifer Fleiss identified a gap in the market, recognizing that many women desired access to designer clothing for special events but were deterred by the prohibitive cost of ownership. Their innovative solution offered a compelling alternative: a subscription service that provided a rotating wardrobe of designer garments, fundamentally altering consumer behavior and expectations in the fashion industry.
The early years were marked by rapid growth and a constant drive to refine the rental model. Challenges were inevitable, including managing inventory, logistics, and customer acquisition in a nascent market. However, Rent the Runway consistently pushed boundaries, introducing various subscription tiers and expanding its offerings to include everyday wear, not just special occasion dresses. The company’s IPO in October 2021 was a landmark moment, solidifying its position as a publicly traded entity and a significant player in the evolving retail landscape.
Despite its innovative spirit and market impact, Rent the Runway, like many growth-oriented companies, has faced scrutiny regarding its path to sustained profitability. The high operational costs associated with garment care, logistics, and inventory management are inherent to the business model. The company has, however, demonstrated resilience and a capacity for adaptation, exploring new revenue streams and optimizing its operational efficiencies. The achievement of profitability in the past year, as reported, is a testament to these ongoing efforts and a positive indicator for future performance.
Teri Bariquit: A Retail Stalwart Takes the Helm
Teri Bariquit’s career at Nordstrom is a narrative of consistent dedication and progressive responsibility. For nearly four decades, she played a pivotal role in shaping Nordstrom’s merchandising strategies, a company renowned for its customer-centric approach and curated selection of high-quality merchandise. Her deep understanding of consumer preferences, brand partnerships, and the intricate workings of a large-scale department store operation provides a robust foundation for her interim leadership at Rent the Runway.
Her tenure on Rent the Runway’s board of directors, beginning in late 2025, has allowed her to engage with the company’s strategic initiatives and operational nuances. This prior involvement is invaluable, enabling a smoother and more informed transition into the CEO role. Bariquit’s perspective, informed by years of experience in a traditional, yet highly successful, retail environment, is expected to bring a fresh yet grounded approach to Rent the Runway’s future endeavors.
Strategic Pillars and Future Outlook
Jennifer Hyman’s departure signifies the end of an era, but her vision for Rent the Runway’s evolution continues to guide the company. The emphasis on expanding beyond traditional rental services into areas like an online marketplace, media, and B2B solutions reflects a strategic diversification aimed at creating multiple revenue streams and enhancing customer engagement.
The online marketplace, for instance, allows Rent the Runway to leverage its platform and customer base to offer curated selections from other brands, potentially driving significant advertising and commission revenue. The development of a media platform could further enhance brand visibility and customer loyalty, while B2B services offer opportunities to cater to corporate clients and events. These initiatives are crucial for Rent the Runway’s long-term growth and its ability to thrive in an increasingly competitive market.
Bariquit’s immediate focus on "supporting our team and executing against our clear roadmap" suggests a commitment to consolidating these existing strategic pillars. Her experience in managing large teams and complex retail operations at Nordstrom will be instrumental in ensuring operational excellence and driving the company’s growth objectives.
Industry Implications and the Future of Fashion Rental
The leadership transition at Rent the Runway is more than just an internal company event; it has broader implications for the entire fashion rental industry. As a pioneer, Rent the Runway’s successes and challenges often serve as benchmarks and learning opportunities for other players in the market.
The company’s ability to navigate this leadership change while maintaining its strategic momentum will be closely watched. The sustained demand for sustainable and accessible fashion solutions suggests a bright future for the rental model. However, profitability and scalability remain key hurdles for many in the sector.
Rent the Runway’s journey, from its disruptive beginnings to its current phase of strategic diversification and leadership transition, underscores the dynamic nature of the fashion retail industry. With Teri Bariquit at the helm, the company is poised to build upon its legacy of innovation, seeking to solidify its position as a leader in the circular fashion economy and redefine how consumers interact with their wardrobes for years to come. The coming months will be critical in observing how Bariquit’s leadership shapes Rent the Runway’s next chapter and its continued impact on the fashion landscape.
