Teri Bariquit Named Interim Chief Executive as the Fashion Rental Platform Begins Its Next Chapter
Jennifer Hyman is stepping down as chief executive officer of Rent the Runway, ending a 17-year run leading the company she cofounded and helping close a defining chapter in the evolution of fashion rental.
Hyman will leave her roles as CEO, president, and board member effective Friday, remaining with the company in an advisory capacity through January. Rent the Runway board member and former Nordstrom merchandising executive Teri Bariquit has been appointed interim CEO and president while the company searches for a permanent successor.
“Building Rent the Runway has been one of the greatest privileges of my life,” Hyman said in a statement. “Rent the Runway is stronger today than it has ever been, and that is exactly why this is the right moment for me to step down so Rent the Runway can write its next chapter.”
The announcement arrives during a transitional period for the company, which has spent the last several years navigating the difficult economics of post-pandemic retail and recalibrating after its once high-flying public debut. Shares fell more than 6 percent following the news, leaving the company with a market capitalization of roughly $140 million — a sharp contrast to the more than $1.2 billion valuation it commanded during its 2021 IPO.
Despite those pressures, Rent the Runway recently showed signs of stabilization. In 2025, revenue rose 7.7 percent to $329.8 million, while active subscribers increased 8.3 percent to more than 143,000. The company also reported its first annual profit, posting net earnings of $22.6 million after years of sustained losses totaling more than $1.1 billion.
The improved financial position followed a major recapitalization effort last year that eliminated approximately $200 million in debt from the balance sheet. Investors including Aranda Principal Strategies, Story3, and Nexus Capital Management also contributed $20 million in fresh capital.
Peter Comisar, managing partner at Story3, reaffirmed confidence in the business, pointing to continued consumer interest in rental fashion, flexible sizing, and subscription-based access to wardrobe variety.
Bariquit, who spent decades at Nordstrom and most recently served as chief merchandising officer, will now oversee the company’s next phase. “Rent the Runway is a business that has fundamentally reshaped how our customers think about, access and experience fashion,” she said. “The company is in its strongest financial position in years.”
Founded in 2009, Rent the Runway helped pioneer the idea of fashion as a service, shifting luxury access away from ownership and toward temporary use. Under Hyman’s leadership, the company became one of the most closely watched startups of the fashion-tech era, influencing both consumer behavior and broader conversations around sustainability, circularity, and wardrobe consumption.
While the company never fully realized the scale once projected during the peak of direct-to-consumer enthusiasm, Hyman leaves behind a business that fundamentally altered the fashion industry’s approach to rental and access.