Wal-Mart's (WMT) - Get Walmart Inc. Report Store No 8, the retailer's investment arm, has hired Jenny Fleiss as the new chief executive of its first portfolio company, Reuters reports.

Fleiss will lead Code Eight, a startup that will develop personalized shopping experiences.

Fleiss is the co-founder and former head of business development of Rent the Runway, a fashion rental company.

Store No 8, started in March to develop Wal-Mart's e-commerce business, plans to work with startups that concentrate in areas such as robotics, virtual and augmented reality, machine learning and artificial intelligence.

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