Rent the Runway founder Jenn Hyman to lead Babylist as baby registry startup nears $1 billion in revenue

InstantWhy

The numbers

Fortune reports that Jenn Hyman, founder of Rent the Runway, is taking over as CEO of Babylist, the baby registry and e-commerce platform. Natalie Gordon, who founded Babylist, will transition to executive chair. The company has not independently confirmed the move. Babylist is approaching $1 billion in annual revenue and has been preparing for an initial public offering.

Why it matters

Hyman took Rent the Runway public in 2021 and has navigated the clothing rental company through a difficult post-pandemic period, experience that matters when Babylist faces the scrutiny of public investors. Founder-to-founder CEO transitions are uncommon in venture-backed companies, where boards typically bring in outside executives or promote from within. The move suggests Gordon and Babylist's backers believe the company needs different skills to scale past the billion-dollar mark than it needed to reach it.

How this compares

Babylist operates a universal baby registry that allows parents to add items from any retailer, and has expanded into its own e-commerce business selling baby products directly. Rent the Runway pioneered subscription clothing rental and went public via traditional IPO three years ago, though its shares have struggled amid questions about the unit economics of the rental model. Hyman has remained CEO of Rent the Runway throughout its time as a public company.

What to watch

Babylist has not disclosed a timeline for its IPO, and market conditions for consumer internet offerings remain challenging. The company will need to demonstrate a path to profitability and sustainable growth to attract public investors. Neither Babylist nor Hyman has commented on the reported transition.

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