Alibaba (Hangzhou, China) founders Jack Ma and Joe Tsai have reportedly invested $20 million in Rent the Runway (New York), the women’s designer clothing rental brand, bringing the company’s value to $800 million. According to Recode, the filings were first spotted by Lagniappe Labs.
Rent the Runway was not attempting to raise additional funds, says its CEO and Co-Founder Jennifer Hyman, but saw the opportunity as advantageous giving the timing in the business’ lifecycle.
“The more visionary, smart people who you have relationships with, it just opens up your optionality,” she said. “It’s good for us whether we IPO, or we sell the business, or we stay private.”
Hyman will speak more in depth about the development next Tuesday, March 20, when she appears onstage for an interview at Shoptalk in Las Vegas.