Good morning! Katie Porter enters the California governor’s race, a former Facebook exec alleges misconduct in a new memoir, and a clothing rental service wants to be the Airbnb of fashion.
– Fashion forward. While Rent the Runway and other clothing rental marketplaces struggle to find stable footing as businesses, another option has surfaced: Pickle, a peer-to-peer clothing rental marketplace.
If you follow a certain kind of big-city influencer on Instagram or TikTok—Remi Bader, Lauren Wolfe, and Brooks Nader, for example, who together boast more than 5 million followers—you’ve likely seen posts about the platform before. It’s quickly gained a foothold with fashion influencers, who aren’t paid for promoting Pickle but rather use it as a way to monetize their expansive closets.
The rental service is available via mail nationwide, but is especially focused on New York, Los Angeles, and Miami, where lenders and renters can meet up or use courier services through Uber or DoorDash for immediate exchanges. In Manhattan, the company says, one in four women between 18 and 35 use the service. Nationwide, half of its monthly active users are also weekly active users.
Founded by two alumni of Blackstone’s technology group, the marketplace’s pitch is that it’s an inexpensive, fast way for renters to participate in trends and dress for weddings, ski vacations, Halloween, or New York Fashion Week. For lenders, it’s a way to earn back some money on their investment pieces. “We’re basically empowering these women to have their own entrepreneurial closets,” says cofounder and COO Julia O’Mara.
Pickle has raised $12 million in Series A funding, Fortune is the first to report today; in total, the startup has now raised $20 million. FirstMark and Craft Ventures co-led this round, with participation from Burst Capital and FJ Labs. Pickle cofounders O’Mara and CEO Brian McMahon were looking to bring on marketplace experts during this fundraise; FJ Labs claims “the world’s largest portfolio of marketplace startups.”
Unlike resale platforms like The RealReal or rental services like Rent the Runway and Nuuly, Pickle is fully peer-to-peer, which means it’s responsible for no inventory. That has been a major pain point for clothing rental services, from cleaning to keeping up with trends—so much so that Rent the Runway founder and CEO Jenn Hyman aims to transform its business model to serve as a brand marketing channel and no longer pay for most clothing; this week she announced an overhaul of Rent the Runway’s inventory.
In building out Pickle, its cofounders are looking at marketplaces like Uber and Airbnb. Those two major services inspired its review system and approach to trust and safety—in Pickle’s case, the safety of people’s most prized clothing and accessories. “Airbnb is very similar in terms of—you’re letting someone in your home,” McMahon says. “Now, you’re letting someone borrow items from your closet.”
Emma Hinchliffe
emma.hinchliffe@fortune.com
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ALSO IN THE HEADLINES
- Top cop. Michelle Bowman, who serves on the Federal Reserve Board of Governors, is reportedly President Donald Trump’s first pick to be top cop at the bank. Trump said he would make his decision “fairly soon,” and Bowman declined to comment. Wall Street Journal
- Face-book. Former director of global public policy at Facebook Sarah Wynn-Williams has written a memoir called Careless People, detailing life on the inside of the company—including allegations of sexual harassment and instances where the company ignored internal warnings about its potential to harm democracy and human rights. Facebook has denied these claims. NBC
- California news. Katie Porter, the former California congresswoman, has entered the race to succeed Gavin Newsom as the state’s governor. Known for her white-board moments in Congressional hearings, Porter is among the first to enter the race while others wait to see if Kamala Harris will throw her hat in the ring. Politico
- User consent. Bluesky CEO Jay Graber shared that the social platform is working on a framework that would allow users to consent to how their data is used for AI training. “We really believe in user choice,” said Graber. TechCrunch
MOVERS AND SHAKERS
Hinge named Jackie Jantos president. She will continue serving as the dating app’s CMO.
McDonald’s named Jill McDonald chief restaurant experience officer. She is currently the fast food chain’s EVP and president, international operated markets.
Twentyeight Health, a women’s digital healthcare provider, named Mara Castro COO. She has served as an advisor to the company since 2018 and was most recently EVP, head of customer experience at Evolve. Also, Castro was the first employee hired at Warby Parker.
Zimmer Biomet, a medtech company, appointed Kristen Cardillo as SVP, chief communications officer. Most recently, she was VP of corporate communications at 10x Genomics.
Sky Zone, an indoor trampoline park company, named Sherin Sakr chief legal officer. She was previously chief legal officer at WellBiz Brands.
Allianz Commercial, an insurance provider, named Julie Gibbs regional head of portfolio solutions and delegated authority for Allianz Commercial, North America. Most recently, she was the company’s North American inland marine program lead.
The nonprofit Robert F. Kennedy Human Rights appointed Lisa Osborne Ross and Pamela Pavkov to its board of directors. Ross was previously U.S. CEO at Edelman. Pavkov is managing partner of TPG NEXT.
DexCom, a biosensing technology developer, appointed Renée Galá to its board of directors. Galá is president and COO of Jazz Pharmaceuticals.
ON MY RADAR
For #MeToo movement, mayor’s race in New York City poses a test New York Times
Young conservative women build an alternative to the manosphere Semafor
Breaking the mold: The brands designing footwear specifically for female athletes Front Office Sports
PARTING WORDS
“I learned in the last year to sing through my mistakes, and right on the other side of the mistake is the best note I’ve ever done or the best take I ever got.”
— Singer Jessica Simpson on the advice that guides her
