Walmart Inc.’s new technology incubator Store No. 8 has hired a co-founder of Rent the Runway to oversee its first startup.
Bloomberg reported that Jennifer Fleiss, who stepped down from Rent the Runway this year, will lead Code Eight, which is aimed at delivering highly personalized, one-to-one shopping experiences. She co-founded Rent the Runway in 2009.
Store No. 8 launched in March, part of Walmart’s effort to innovate and demonstrate digital leadership. It is also looking to identify trends that are reshaping the overall shopping experience, including virtual reality, robotics and personalized shopping.
Store No.8 will fund startups that are 100% owned by Walmart. The company will provide them with necessary capital and charge them with “changing the course of retail technology innovation” five to 10 years into the future.