Rent the Runway CEO Jennifer Hyman told WWD about how AI search is the next step forward for the rental company.
In particular, Hyman said it can help make the “cumbersome” endless aisle that is“It is the biggest thing to happen to consumer-facing businesses since the launch of the iPhone,” the CEO said. “You’re either going to be a beneficiary of AI as a consumer-facing company or you’re going to die because of AI. Fashion overall is going to benefit.”
The AI search will allow shoppers to go beyond descriptive queries like, “black dress” or “floral print shirt.” First-quarter net losses narrowed to $30.1 million from $42.5 million a year earlier. And adjusted earnings before interest, taxes, depreciation and amortization tallied $4.5 million, up from losses of $8.8 million a year earlier.
“The tailwinds for rental have just been growing, there’s increasingly more willingness to rent,” Hyman said. “We have a unique customer base in that she is young and wealthy.”“This kind of customer who’s professional, who’s busy — a third of our customers have kids — a lot of the value that she wants from us is saving her time, so many of our strategies are really focused around that.”
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