Rent the Runway

Rent the Runway Story and Strategies:

Rent the Runway is a popular online service that allows people to rent designer dresses and accessories for special occasions at a fraction of the retail price. The company was founded in 2009 by two Harvard Business School graduates, Jennifer Hyman, and Jennifer Fleiss.

The Idea

The idea for Rent the Runway came about when Hyman’s sister needed a designer dress for a wedding but couldn’t afford the high price tag. Hyman and Fleiss realized that there was a need for a service that would allow women to rent high-end fashion for special occasions, rather than buying expensive outfits they might only wear once.

How it Started:

Hyman and Fleiss initially started the company with just 20 designer dresses and a small website. In their free time, they would reach out to designers and convince them to lend their dresses for rental.

Their first big break came when they were accepted into the TechStars startup accelerator program in New York City. This gave them access to mentorship and funding and allowed them to launch the service in November 2009.

At first, Rent the Runway focused on renting dresses for special occasions like weddings and black-tie events. However, they quickly realized that there was a demand for more everyday clothing and accessories as well. Today, Rent the Runway offers a wide range of rental options, including casual wear, workwear, and maternity wear.

Major Challenges:

Rent the Runway has also faced some challenges along the way. In 2018, the company experienced significant shipping delays and inventory issues, which led to customer complaints and negative press. However, Hyman and Fleiss were able to turn things around by improving their supply chain and customer service.

How It’s Going:

The company has since grown to offer over 200,000 designer items for rent, including dresses, jewelry, handbags, and other accessories.

Rent the Runway has become a popular destination for women who want to look and feel their best at special events without breaking the bank. The company has also expanded to offer a subscription service, which allows customers to rent clothing items for everyday wear.

As of 2021, Rent the Runway is still going strong, with a loyal customer base and a growing presence in the fashion industry. Hyman and Fleiss have been recognized for their innovative business model and have received numerous awards for their contributions to the fashion industry.

Top 3 Marketing Strategies

Social media marketing: Rent the Runway leveraged social media to connect with its target audience, share its brand story, and promote its services. They focused on platforms like Instagram, Facebook, and Twitter to showcase their dresses, accessories, and subscription plans, and engaged with their followers through contests, giveaways, and user-generated content.

Influencer marketing: Rent the Runway worked with influencers and bloggers to showcase their products and reach a wider audience. They collaborated with fashion bloggers and Instagram influencers to promote their services and also partnered with celebrities to increase brand awareness.

Content marketing: Rent the Runway created high-quality content to educate and entertain their audience, and drive traffic to their website. They produced blog posts, videos, and style guides that provided fashion advice, trend forecasts, and behind-the-scenes glimpses of their business. They also used email marketing to keep subscribers informed about new collections, promotions, and events.

Sources:
Elle Magazine: https://www.elle.com/fashion/a41316519/jennifer-hyman-career-rent-the-runway/
RTR website: https://www.renttherunway.com/about-us
Wikepedia: https://en.wikipedia.org/wiki/Rent_the_Runway