A New-York fashion start-up has raised $200m (£154m) to “do for clothes what Spotify did for music” according to The Sunday Times.
Fashion start-up Rent the Runway allows people to rent dresses, handbags and accessories for short periods of time, similar to British business Girl Meets Dress.
The debt funding package is apparently set to bolster the business’s subscription offering, which currently enables users to hire four items at any given time for $159 (£122.66) and rent four garments in total for $89 a month (£68.66).
The investment funding was led by Singaporean sovereign wealth fund Temasek and is on top of more than $200m (£154m) raised in venture capital since the company was founded in 2009.
Drapers has contacted Rent the Runway for comment.