Nov 14, 2017

Rent the Runway CEO: "I plan to" put H&M and Zara out of business

Pedestrians walk past the Fifth Avenue store owned by H&M. Photo: Kathy Willens / AP

Fashion rental service Rent the Runway is upping its game; the company is looking to expand to rural America with physical stores, and replace full wardrobes instead of being used for only special occasions, per Bloomberg.

"I want to put H&M and Zara out of business," CEO Jennifer Hyman told Bloomberg. "I don't want to...I plan to."

Why it matters: More than 50% of Rent the Runway's customers live in rural America, per Bloomberg, but customers use it mainly for occasions like weddings or graduations. The company does offer new subscription services — the unlimited plan offers four rentals at a time for $159 a month, while another plan offers four rentals a month for $89 — the company isn't taking hold outside cities for everyday wear. A.T. Kearney analyst Manik Aryapadi told Bloomberg that consumers' "way of thinking" around their wardrobes would need to change for this to catch on.

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Zuckerberg says Trump’s “shooting” tweet didn’t violate Facebook’s rules

Mark Zuckerberg at the 56th Munich Security Conference in Munich, Germany on February 15. Photo: Abdulhamid Hosbas/Anadolu Agency via Getty Images

Facebook did not remove President Trump's threat to send the National Guard to Minneapolis because the company's policy on inciting violence allows discussion on state use of force, CEO Mark Zuckerberg explained in a post on Friday.

The big picture: Zuckerberg's statement comes on the heels of leaked internal criticism from Facebook employees over how the company handled Trump's posts about the Minneapolis protests and his unsubstantiated claims on mail-in ballots — both of which Twitter has now taken action on.

Updated 26 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7:30 p.m. ET: 5,916,464— Total deaths: 364,357 — Total recoveries — 2,468,634Map.
  2. U.S.: Total confirmed cases as of 7:30 p.m. ET: 1,744,258 — Total deaths: 102,709 — Total recoveries: 406,446 — Total tested: 16,099,515Map.
  3. Public health: Hydroxychloroquine prescription fills exploded in March —How the U.S. might distribute a vaccine.
  4. 2020: North Carolina asks RNC if convention will honor Trump's wish for no masks or social distancing.
  5. Business: Fed chair Powell says coronavirus is "great increaser" of income inequality.
  6. 1 sports thing: NCAA outlines plan to get athletes back to campus.

Trump says he spoke with George Floyd's family

President Trump in the Rose Garden on May 29. Photo: Win McNamee/Getty Images

President Trump told reporters on Friday that he had spoken with the family of George Floyd, a black resident of Minneapolis who died after a police officer knelt on his neck on Monday.

Driving the news: Former Vice President Joe Biden said via livestream a few hours earlier that he, too, had spoken with Floyd's family. The presumptive Democratic presidential nominee implored white Americans to consider systemic injustices against African Americans more broadly, Axios' Alexi McCammond reports.