Nordstrom Alum to Lead Rent the Runway

Rent the Runway has promoted Chief Commercial Officer Paige Thomas to CEO, effective Monday. Thomas replaces Teri Bariquit, formerly Nordstrom’s chief merchant, who has served as interim CEO since co-founder Jennifer Hyman departed in May. Bariquit has been appointed non-executive board chair, replacing Dhiren Fonseca, who will step down as executive chairman but remain a director.

A leadership team built from Nordstrom

Thomas is one of several executives hired from the department store, including interim CEO Teri Bariquit. Thomas arrived at the apparel rental company in June after a decade at Nordstrom, which included five years at the Rack. Before joining Rent the Runway, she held roles as chief merchant and product innovation officer at Signet Jewelers and president and CEO of Saks Off 5TH.

Thomas’s work with the company predates her arrival. Four years ago, during her tenure at Saks, the off-price business partnered with Rent the Runway to let customers buy designer items they had previously rented through the Saks Off 5th website. That website shut down earlier this year as part of Saks Global’s bankruptcy. Additionally, Nordstrom Rack began selling garments from Rent the Runway in 2020, further integrating the two retail entities.

The apparel rental company has shuttered its standalone stores and previously operated a flagship location in New York City. Thomas, one of a cohort of Nordstrom alums now at the apparel rental site, arrived in June. In addition to her decade at Nordstrom, including five years at Rack, Thomas previously was chief merchant and product innovation officer at Signet Jewelers and president and CEO of Saks Off 5TH.

Q2 results show growth and narrowing losses

The announcement of Thomas’s promotion came as Rent the Runway released second-quarter results showing sales growth and narrower losses. Total revenue rose nearly 21% year over year to $97.7 million, while the number of active subscribers declined nearly 4% to 140,826. Gross margin expanded by 610 basis points to 36.1%, and net loss shrank by more than 50%, reaching $12.9 million.

These leadership changes are unlikely to alter the company’s trajectory. In a statement, Bariquit said the company focused its resources on its core rental offer during the quarter and began building a 2027 plan centered on transforming the business. Thomas said her approach is not a new direction but an acceleration of the strong foundation the team has built. Bariquit stated that in Q2 the company focused its resources on its core rental offer “and began building a 2027 plan centered on transforming the business.” In her statement, Thomas said that her approach “is not a new direction — it’s an acceleration of the strong foundation the team has built.”