RENT - Rent the Runway stock rises on Amazon partnership

Rent the Runway ( NASDAQ: RENT ) stock gained sharply on Thursday after announcing a new partnership with Amazon ( AMZN ).

Under the terms of the new agreement, the online fashion rental provider will launch an Amazon Fashion storefront to sell a selection of its pre-owned merchandise. The company said that 35 brands for various styles and occasions will be available via the new storefront. The online retailer’s own collection, entitled Design Collective, will be exclusive to the partnership.

"Collaborating with Amazon Fashion brings Rent the Runway incredible brand awareness," Rent the Runway Co-Founder and CEO Jenn Hyman said. "We believe strategic relationships like this can ignite a new engine of growth for our business. They also showcase demand for our products beyond our community and allow more customers to experience exclusive data-driven fashion from our top design partners."

Shares of Rent the Runway ( RENT ) jumped nearly 5% after the announcement before moderating gains as Thursday’s trading progressed. Amazon ( AMZN ) also continued its winning streak on Thursday, extending double-digit gains thus far in 2023.

Read more on the details of the partnership .

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