Female Gen-Z, Millennial Opps: Rent the Runway announces CMO search, plans to increase ad spend (Score 42)

Sales lead: Get in touch to offer digital ad space & agency assistance.

  • Rent the Runway (RR) announced it is searching for a CMO. 
    • The company hopes to complete the search by the end of Q2. 
    • We will be sure to let you know as soon as RR makes an announcement. 
  • RR also disclosed it plans to invest more in marketing in 2024.
    • The company has been aggressively increasing digital spend since 2021. 

Target demographic: Gen-Z & millennial women

The company will likely:

  • Keep ramping up digital spend
  • Try new marketing channels
  • Seek agency assistance

Digital and social insights (digital ad spend, effectiveness, impressions, and performance)

  • 2023 spend: RR spent about $12.8m on digital display ads in 2023. 
  • 2023 data: 1.7b impressions via Facebook (49%), Instagram (27%), YouTube (16%), and desktop video (8%). 
  • 2021-2022 spend: Full-year spend jumped from $1.3m in 2021 to $3m in 2022. 
  • Ad location: It placed 100% of these ads directly onto sites such as facebook.com, instagram.com, youtube.com, coolmathgames.com, and buzzworthy.com. 

Agency analysis:

  • Opportunity: Start working on your pitches so that you can reach out as soon as RR hires a CMO.
    • We have not confirmed any current agency relationships for RR.

Insight Sources: Digital spend insights estimated by Pathmatics