LONDON—Since Rent the Runway’s 2009 debut, clothing rental has become a major U.S. retail trend. Rent the Runway, for example, entered unicorn status after hitting a billion-dollar valuation in March and has since expanded beyond solely selling special-occasion wear to offering unlimited subscriptions for everyday basics. And challenger brands aren’t the only ones embracing the concept: Legacy retailers like Express, New York & Company and Ann Taylor have all rolled out similar programs over the past two years.
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