#Runway magazine address full#

Priority 1: Ensure its workforce remains diverse and that leadership reflects the population of individual contributors.

Eliminate unnecessary single-use plastic packaging to customers and only utilize reusable, compostable or 100% recycled content for necessary plastic packaging to customers by fiscal year end 2023.Īmbition 2 (Social): Cultivate a culture and community where all people are inspired, empowered and thrive.

Divert 90% of waste from warehouse operations from landfill by fiscal year end 2026.

Priority 2: Minimize waste from the business.

Sustainably source 50% of key materials for its Exclusive Designs by fiscal year end 2026.

Scope 3 baseline) by fiscal year end 2024.

Power our owned and operated facilities (stores, offices, warehouses) with 100% renewable electricity by fiscal year end 2026.

Displace the need for new production of 500,000 garments by fiscal year end 2026.

Priority 1: Reduce carbon emissions and operate with net zero emissions by 2040. RTR is focused on expanding and deepening its impact, both from within its business as well as through engagement with a wider ecosystem of partners who play critical roles in driving change, and plans to hold itself accountable by reporting against goals annually.Īmbition 1 (Environmental): Rent the Runway will harness the power of its unique business model to set the standard for more sustainable fashion. The strategy consists of two ambitions, four priorities and twelve specific and measurable goals. Given the scale of garments rented on the RTR platform, this LCA can be used to assess not only Rent the Runway’s impact but the clothing rental business model versus buying more broadly. The study confirmed that renting from RTR results in net environmental savings compared to the production and purchasing of new clothing across water usage, energy usage and CO2 emissions. Most significantly, Rent the Runway conducted its first-ever Life Cycle Assessment (LCA) in partnership with two 3rd party consultancies. Rent the Runway completed several activities over the past 18 months to quantify its baseline impact and refine its understanding of the opportunities most relevant to the business. The company has also committed to additional, foundational work in its efforts to drive progress within the fashion industry, endeavoring to achieve net zero carbon emissions by 2040 minimize waste from packaging prioritize workforce diversity and use its platform to support and amplify diversity in fashion, among other goals described further below. We believe in the power of our platform to radically alter the trajectory of the industry and remain deeply committed to leading this change.” And, unlike most businesses in the fashion industry, our actions complement -rather than compete with- our bottom line. “Now, we’re taking our purpose to the next level, tangibly outlining through our Impact Strategy how we plan to address our impact even more holistically. RTR customers have confirmed that renting creates less consumption on their part, with 89% of subscribers saying they buy fewer clothes than they did prior to joining RTR,” said Anushka Salinas, President and COO, Rent the Runway. “Being an agent of change is part of the fabric of Rent the Runway: we built a more sustainable business model for fashion by encouraging customers to buy less and wear more - and we know it’s working.

#Runway magazine address full#

More broadly, the goals aim to encompass the full scope of RTR’s business, from continuing to divert nearly 100% of unrentable clothing from landfill, to offsetting 100% of carbon emissions from shipments to and from customers beginning in FY22.

Among the company’s most distinguishing commitments is its goal to displace the need for production of half a million garments by the end of fiscal year 2026, a continuation of its work to address rampant overproduction and waste in fashion. (“Rent the Runway”) (Nasdaq: RENT), the clothing rental pioneer, today announced its Impact Strategy, outlining long-term ambitions with specific and measurable short-term goals to tackle pressing environmental and social issues that the brand -as a rental subscription model- is uniquely equipped to address. NEW YORK, Ma(GLOBE NEWSWIRE) - Rent the Runway, Inc. Rental Subscription Model Provides Unique Opportunity to Address Apparel Overproduction Company Aims to Displace the Need for New Production of 500,000 Garments by 2026