Many girls know what it’s like to look inside their closets and observe nothing worth wearing. Harvard Business School graduates Jennifer Hyman and Jennifer Fleiss founded Rent the Runway as a solution to this dilemma, by offering unique pick-me-ups for dull wardrobes.
Rent the Runway is a website that allows women to rent high-end fashions at affordable prices.
The concept for Rent the Runway was inspired when Hyman was home from college during a Thanksgiving break and realized she had a “closet full of clothes but nothing to wear.” After trying to determine a solution, she paired with a classmate, Fleiss, and created this mail-order service with the goal of renting designer brands to women on a budget.
“We aspired to make high-end fashions as accessible as renting a movie from Netflix and let women know that they can have it all,” Hyman said.
The website allows fashionistas to rent first-class items such as dresses, jewelry and handbags at marked-down prices. Shoppers also have the option to buy intimate apparel and accessories, such as clear halter straps, tights, nail polish, watches, scarves and insole cushions.
Designer brands available include Herve Leger, one of the most rented brands among college students, Dolce & Gabbana and Kate Spade.
Rent the Runway’s website is organized into specific categories so it is easy to narrow down desired styles.
Shoppers can search for dresses, for instance, by selecting from categories such as price, color, body type, length, sleeve, neckline, designer, occasion and embellishment. Four-night dress rentals are between $40 and $400 and are mailed directly to the shopper’s home.
Those who may want dresses for longer periods of time can pay an additional cost, which varies between dresses. This cost can extend the rental period for as many as eight days.
The process is simple. Once a dress is picked, Rent the Runway allows renters to choose two sizes to ensure the dress fits perfectly. Fit specialists are also available during the selection process.
If for some reason the dress doesn’t fit, the buyer has the option to return it within 24 hours and receive a backup size for no additional cost. Hesitant shoppers may also be pleased to know Rent the Runway offers backup styles for an additional $25.
All dresses include custom garment bags comprised of double-sided tape, bra strap adjusters and deodorant stain removers in case of a mishap. When the rental period ends, buyers simply return their dresses through regular postage.
“You return it in prepaid packaging in any blue mailbox, like mailing a letter, and we handle the dry cleaning,” Hyman said.
In the future, Rent the Runway wants to continue to provide this head-to-toe experience for its customers, while offering haute styles at accessible prices. Prior to launching Rent the Runway, several tests were devised to ensure the potential of the company, Hyman said.
“Entrepreneurs need to remember that starting a business is a series of tests and to not be afraid of taking risks, hearing the word ‘no,’ which I view as ‘not right now,’ and even failing,” Hyman said.
The next time a special occasion calls for it, be sure to view the season’s 25,000 hottest dresses and 4,000 accessories available at renttherunway.com.
