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Rent the Runway , Inc. (NASDAQ:RENT), the fashion rental company with $300.8M in annual revenue and a market capitalization of $21.32M, held its 2025 Annual Meeting of Stockholders on Tuesday, reporting the election of three Class I directors and the ratification of its independent auditor, according to a statement based on a Securities and Exchange Commission filing.
At the meeting, stockholders representing approximately 74.68% of the company’s combined voting power were present in person or by proxy. The directors elected to serve until the company’s 2028 annual meeting are Tim Bixby, Jennifer Fleiss, and Daniel Rosensweig. The voting results for the election were as follows:
- Tim Bixby received 4,018,319 votes for and 280,652 votes withheld.
- Jennifer Fleiss received 4,128,837 votes for and 170,134 votes withheld.
- Daniel Rosensweig received 4,162,418 votes for and 136,553 votes withheld.
Each nominee also received 913,592 broker non-votes.
Stockholders also voted on the ratification of PricewaterhouseCoopers LLP as Rent the Runway’s independent registered public accounting firm for the fiscal year ending January 31, 2026. The proposal received 5,187,562 votes for, 17,484 votes against, and 7,517 votes abstained.
According to the filing, both proposals were approved at the meeting.
All information is based on a press release statement contained in the company’s filing with the SEC.
In other recent news, Rent the Runway reported a 7.2% year-over-year decline in total revenue for Q1 FY2025, amounting to $69.6 million. Despite the revenue drop, the company saw a slight increase in its active subscriber base, which grew by 1% to 147,157. Gross margins also declined to 31.5% from 37.9% a year ago, and the company reported a negative adjusted EBITDA of $1.3 million. Rent the Runway provided guidance for Q2 FY2025, projecting revenue between $76 million and $80 million, with expectations of significant inventory growth. Analysts have noted that the company is facing ongoing financial challenges, as indicated by the decline in gross margins and continued negative cash flow. CEO Jen Hyman emphasized the company’s commitment to transforming its inventory strategy, while CFO Sid Jaegar highlighted the company’s growth ambitions. These developments reflect Rent the Runway’s strategic focus on enhancing its market position despite financial hurdles.
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