Chat with Co-Founder of "Rent the Runway"
By Juddeth-Morgahn Miller, GalTime.com
This time of year is what I like to call "Annual Season." You know, the season when your job, organization, or girls group has that "annual" function you have to be dressed to impress to attend.
They're usually back to back and you hate dropping dough on a major label for each one. Well I, gal pals, have found a solution! RENT THE RUNWAY. Get the latest designer dresses for a steal, wear it, and return it! Check out my Q & A with co-founder Jenn Hyman.
GalTime: Where exactly did you get the idea to start Rent The Runway?
Jenn Hyman: In 2007, my co-founder Jenny Fleiss and I met as sectionmates at Harvard Business School, where over frequent girls' night, we became fast friends. During a trip home for Thanksgiving, I watched my sister Becky struggle with a "closet full of clothes and nothing to wear" moment.
Becky had an upcoming wedding and wanted something gorgeous to wear but her modest salary meant that everything high-end was out of reach. What if, I thought, the Becky's of this world could have access to their dream closet and a new dress for every occasion?
What if designers were able to get their pieces into the hands of young, fashionable women and build an addiction for designer fashion?
GalTime: How long did it take you to get the business started?
Jenn Hyman: When I returned to school we met for lunch, and she shared Becky's dilemma with me. As business school students, we started working on building the business immediately.
Jenny and I had a rule from the very beginning of Rent the Runway to never write a business plan because we think that is a waste of time. In our opinions, starting a business was going to be a series of iterative tests in the marketplace with each test eliminating some of the risks of starting the business.
We held a pop-up rental shop in an undergrad dorm at Harvard to garner initial interest in the idea. We purchased dresses at retail (in our sizes in case it did not work out!) and watched girls twirl around in the mirror and share comments like "I look hot!"
By the looks on their faces and the descriptions to their friends, we knew we had created Cinderella experiences for them. After several focus groups with thousands of women, along with formative meetings with top designers and retailers, we launched Rent the Runway in November 2009.
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GalTime: What happens to the items once they are worn and sent back? If someone places an order, will it be a previously worn rental?
Jenn Hyman: We dry clean all garments in house and sanitize all of the jewelry. Since our inventory is updated regularly, there is a chance that a member will be the first girl to rock a designer dress but most of our garments have been previously worn by other members.
GalTime: What is the ultimate goal of RTR?
Jenn Hyman: Rent the Runway was started so women can live the life they dream today. So many women window shop for years in hopes that they will eventually be able to afford the designer dress of their dreams.
We wanted to make designer fashion as accessible as renting a movie from Netflix to let women know they truly CAN have it all. What we are doing at Rent the Runway is introducing experiential brand marketing into the fashion industry.
Women are renting the runway for the most important occasions in their lives - weddings, engagement parties, prom, etc. and are developing an emotional experience with the designer brand they wear on that special occasion.
You will never forget the hotel you stayed at on your honeymoon, just as you will never forget the designer brand you wore when you got engaged.
GalTime: As a frugal fashion blogger, I can appreciate the "more for less" accessibility about this website. How important was it for you to make sure women could get their hands on a designer dress without paying full price?
Jenn Hyman: Accessibility is what Rent the Runway delivers and we really wanted to demonstrate to women that they CAN have it all! We were committed to building a business that introduced the next generation of women to designer brands. We found that 90 percent of women who rent the runway are trying a brand they never owned before.
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GalTime: Does RTR plan to "expand the brand" anytime soon? Maybe shoes/purses for purchase rather than rental?
Jenn Hyman: We currently have accessories including handbags and jewelry to rent and offer fashion fixes and intimates such as Spanx, NuBra, Hanky Panky and more. We also sell beauty products to truly give our members the full head to toe Cinderella experience.
It was a natural progression for us to start selling beauty, intimates and fashion fixes and we will continue to add luxury items to the site and build on the one-stop-shop experience. We still have so much expansion across the US, which is evident when we travel for business so we look forward to sharing Rent the Runway with even more members.
GalTime: Are there any incentives for new RTR's?
Jenn Hyman: Besides having access to 25,000 designer dresses and 4,000 accessories, members that refer a friend receive a $20 referral credit towards a rental and members gain access to sales, launches and other information through the insider emails before anyone else.
GalTime: As you are obviously a "fashionista," what is your favorite Spring trend?
Jenn Hyman: I love taking risks with fashion even if I fail - new designers, bold colors, statement accessories - there's always room to recreate yourself tomorrow! I'm looking forward to brights and geometric prints for spring. It's my favorite time of year!
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