Walmart enters the tech startup arena with its first company Code Eight stemming from its incubator Store No. 8.
To help get it off the ground and running, Walmart looked to the fashion world with the hiring of Rent the Runway Co-Founder, Jennifer Fleiss.
Earlier in 2017, Fleiss stepped down from the high-end clothing-rental service and will now be heading up Code Eight. This new startup will focus on “highly personalized, one-to-one shopping experiences,” as Walmart continues to expand its eCommerce offerings to compete with Amazon.
Following Walmart’s acquisition of ModCloth and potential rumors to buy Bonobos Inc. for $300 million, the hiring of Fleiss comes at an opportune time. With Fleiss on board, Walmart will likely strengthen its apparel push.
Upon taking this new position with Walmart, Fleiss will continue to stay on at Rent the Runway as a board member and advisor.