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Rent the Runway Appoints WeWork President & CFO Artie Minson to Board of Directors

December 17, 2018

NEW YORK--(BUSINESS WIRE)--Dec 17, 2018--Rent the Runway, Inc. announced today that Artie Minson has been elected to its Board of Directors (the “Board”) and will also serve as Chair of the Board Audit Committee. Minson is the President and Chief Financial Officer of WeWork, which provides workspace, community, and services to over 320,000 members in 83 cities around the world. Prior to joining WeWork, Minson served as the Chief Financial Officer of Time Warner Cable, and as AOL’s Chief Operating Officer and Chief Financial and Administrative Officer.

“As a financial leader in the subscription and membership space combined with his experience in the CFO seat at many celebrated organizations, we are thrilled to have Artie join our board and look forward to his many contributions,” said Jennifer Hyman, Co-Founder and CEO of Rent the Runway. “With a proven track record of driving shareholder value, impeccable financial acumen, and outsized experience managing and growing successful subscription and membership businesses, we are incredibly confident that Artie will be invaluable to the continued growth and success of Rent the Runway.”

“Rent the Runway’s disruptive and innovative business model delivers its customers an incredible consumer experience, proprietary technology and highly scaled reverse-logistics, and I am thrilled to join their board. WeWork and Rent the Runway’s recent strategic partnership leverages WeWork’s platform to create a national network of RTR locations and increase convenience for subscribers. I look forward to continuing to work together to realize the massive opportunity that lies ahead for RTR to empower millions of subscribers,” said Artie Minson, WeWork President and Chief Financial Officer and Rent the Runway Board Member.

“Artie is a seasoned CFO with over 20 years of experience in a variety of subscription and membership businesses. As we continue to rapidly scale our ‘subscription to fashion’ business, we look forward to tapping into Artie’s deep understanding of scaling and operating high-growth subscription and membership platforms,” said Scarlett O’Sullivan, RTR Chief Financial Officer. “I’m excited to partner with Artie as our Board Member.”

Rent the Runway and WeWork are already united by a shared vision of architecting the future of how people live, work and get dressed. The two companies recently partnered to create a network of RTR Drop-Off Boxes in 15 WeWork locations across 6 cities to better meet the needs of the modern working woman. These new RTR Drop-Off Boxes - located in WeWork lobbies - increase the ease and convenience of a subscription to fashion by allowing WeWork members to directly return and instantly order their next items.

About Rent the Runway

Rent the Runway is transforming the way modern women get dressed and disrupting the $1.7 trillion global fashion industry by empowering women to rent, versus buy clothing. Founded in 2009 with a vision to build the ‘closet in the cloud,’ RTR believes that women everywhere will soon have a subscription to fashion, making apparel rental an indispensable utility while also empowering women to feel their best everyday. RTR carries apparel and accessories by over 600 designer partners with options for work, weekends and special occasions. The company has built in-house proprietary technology and a one-of-a-kind reverse logistics operation to fuel the rapidly growing business and retail stores of the future.

RTR has ten million members, and employs over 1,200 people - 73% of whom are women and 91% are female and/or non-white, and all of whom have equal benefits across the organization.

View source version on businesswire.com:https://www.businesswire.com/news/home/20181217005450/en/

CONTACT: PressRent the Runway

Gabby Cohen, SVP, Communications & Business Development

gcohen@renttherunway.comWeWork

Gwendolyn Rocco, Senior Director, Corporate Communications

gwendolyn.rocco@wework.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: RETAIL FASHION

SOURCE: Rent the Runway, Inc.

Copyright Business Wire 2018.

PUB: 12/17/2018 09:45 AM/DISC: 12/17/2018 09:46 AM

http://www.businesswire.com/news/home/20181217005450/en

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