A source says that Rent the Runway hit the $50 million revenue milestone only last year-later than the explosive growth of its first two years would have indicated. Streaming Halstons turned out to be more painful than Hyman thought. As ridiculous as that sounds, that is what drives our business." "Now you can't repeat outfits because your friends have seen that outfit on social media. "It creates pressure for women," says Hyman.
Facebook and Instagram are making matters worse. On average, an American woman buys 64 new pieces of clothing a year-half of which she'll wear once, according to Rent the Runway's internal research. Rent the Runway cofounders Jennifer Fleiss and Jennifer Hyman (Photo: Jamel Toppin) If we knew how hard this was going to be, I doubt we would have done it." Adds Fleiss, who oversees strategy: "Being naive helped.
"We're giving our customer access to things she wouldn't have otherwise purchased, either because it wasn't smart to buy it or she couldn't afford it," says Hyman, the CEO. The company just launched a new subscription service called Unlimited that lets customers borrow up to three accessories (sunglasses, bags, jackets) for as long as they want for $75 a month. For $70 on Rent the Runway you can wear a $2,295 white strapless Calvin Klein Collection gown $30 rents you a $1,295 Vera Wang Jawdropper dress. Hot colors cool, styles change fast-so can your dress size. Rent the Runway wants to stream your wardrobe.įashion is, after all, a rotten investment. Millennials are leading a migration away from ownership to subscribing and sharing: Spotify invades our speakers, Netflix our TVs, Uber our curbs, Airbnb our entire homes. Hyman and Fleiss' idea emerged at the right moment. This fall the operation moves to a larger, 160,000 square-foot warehouse, at which point Hyman will officially become America's largest dry cleaner. warehouse employs more than 200 people who sort returns, remove all kinds of stains, sterilize jewelry and mend tears. Sixty percent of the dresses fly back out the door the same day they arrive balled up in Mylar UPS return envelopes.
Rent the runway men software#
Each day Rent the Runway and its software algorithms juggle more than 65,000 dresses and 25,000 earrings, bracelets and necklaces as they zip across the country among its 5 million members. The operation is downright daunting in its complexity.
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