Rent the Runway, the company known for lending designer dresses to women for special occasions, has received a new round of financing that increased its valuation to the unicorn level of $1 billion. The valuation announced on Thursday is a milestone for Rent the Runway, which was founded a decade ago and has been working for years to expand its business beyond formal dress rentals. It introduced a subscription service for everyday clothing and accessories several years ago that has developed a particularly enthusiastic customer base among professional women. Recently, it announced a partnership with West Elm that will allow subscribers to rent “bundles” of pillows, throws and quilts for their living rooms and bedrooms. “Our goal is really to create the Amazon Prime of rental.”

Source: New York Times March 21, 2019 16:00 UTC