Rent the Runway CEO Jennifer Hyman Steps Down as Company Reaffirms 2026 Growth Guidance
Rent the Runway CEO Jennifer Hyman Steps Down as Company Reaffirms 2026 Growth Guidance
Rent the Runway has announced a major leadership transition as co-founder Jennifer Hyman prepares to step down as CEO, president, and board member. The fashion rental company said board member Teri Bariquit will become interim CEO and president, while the company continues to stand by its 2026 financial outlook.
Leadership Change Marks a New Chapter
According to the announcement, Hyman will leave her executive and board roles on May 15, 2026. She will remain as an adviser through January, helping support the transition. Bariquit, a retail veteran with decades of experience, will lead the business during the search for a permanent CEO.
Hyman co-founded Rent the Runway in 2009 and helped turn the company into one of the best-known names in clothing rental. Under her leadership, the company grew from a fashion startup into a public company, completing its IPO in 2021.
Teri Bariquit Takes Interim CEO Role
Teri Bariquit brings 37 years of retail experience to the position. She previously served as chief merchandising officer at Nordstrom and has also been a member of Rent the Runway’s board. Her background in merchandising, operations, and customer-focused retail is expected to support the company as it works toward its next stage of growth.
Bariquit said the company has momentum across several areas, including its online marketplace, advertising and media platform, and business-to-business services. These areas are important because Rent the Runway is no longer focused only on fashion rentals. It is also building a broader fashion discovery and commerce platform.
2026 Guidance Remains Unchanged
Rent the Runway also reaffirmed its full-year 2026 guidance. The company expects double-digit revenue growth compared with fiscal 2025. It also expects adjusted EBITDA margin between 4% and 7%.
The company plans to spend between $45 million and $50 million on rental product acquisition in fiscal 2026. That is lower than the $74.9 million spent in fiscal 2025, showing a more controlled approach to inventory investment while still supporting growth.
Why This Transition Matters
The leadership change comes at an important time for Rent the Runway. The company has spent recent years improving costs, margins, logistics, and customer experience. After a period focused on financial discipline, it is now trying to grow in a more sustainable way.
Executive Chairman Dhiren Fonseca said the company has strong assets, including proprietary data, artificial intelligence technology, logistics capabilities, and an engaged customer base. These tools may help Rent the Runway improve recommendations, personalize fashion discovery, and make its rental model more efficient.
Company Strategy Focuses on AI and Discovery
Rent the Runway has been working to improve how customers discover clothing in its catalog. AI may help the company recommend better styles, improve search, and make the rental experience easier for subscribers. In fashion rental, discovery matters because customers need to feel confident that they can find outfits that fit their needs, events, and personal style.
The company’s future strategy appears to center on several connected goals: growing revenue, managing costs, using data more effectively, and expanding beyond traditional rental subscriptions. Its marketplace, media opportunities, and B2B services could create new income streams while strengthening the core rental business.
Jennifer Hyman’s Legacy
Jennifer Hyman leaves behind a major legacy in the fashion technology space. Rent the Runway helped popularize the idea that consumers could rent designer clothing instead of buying every item they wear. This model appealed to shoppers who wanted variety, flexibility, and access to high-end fashion without traditional ownership.
Her decision to step down signals a turning point, but not necessarily a setback. The company says it is financially stronger and ready for its next phase. With Bariquit in the interim role and the board searching for a permanent CEO, Rent the Runway is positioning itself for a carefully managed transition.
Outlook
Rent the Runway’s reaffirmed 2026 guidance suggests confidence in its business plan despite the leadership change. Investors and customers will likely watch closely to see how Bariquit handles the interim period and how quickly the company names a permanent CEO.
For now, the company’s message is clear: leadership is changing, but the strategy remains focused on growth, technology, fashion discovery, and disciplined financial execution.
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