Women In Business: Jennifer Hyman and Jennifer Fleiss
Jennifer Hyman and Jennifer Fleiss could be considered the fashionable girl on a budget's Fairy Godmother's. For every woman that's ever longed for a gorgeous gown out of their price range Rent The Runway is heaven sent.
Hyman and Fleiss, who have said they both had little experience in technology, developed the idea for Rent the Runway while both attending Harvard Business School in 2008. Their company thrives on a brilliant idea and good relationships with designers and stylists in the business.
Rent the Runway, which has been labeled the Netflix of fashion, is an online company that rents out high-end dresses and accessories to members for up to one-tenth savings of what the item originally costs. Each rental (ranging in rental prices of $40-$200) includes 4-days of rental time, shipping, dry cleaning, and a kit that includes small necessities such as double-sided clothing tape.
The company started off in 2009 to 20,000 members in its first week. Now, Rent the Runway offers more than 25,000 dresses and accessories from over 165 big name designers. It's success was spawned from an idea that Jennifer Hyman had while watching her sister struggle with finding something to wear to a wedding, a problem that all women have struggled with in the past.
Rent the Runway also offers great marketing opportunities for designers. If a client rents a certain dress from a particular designer and loves it, she is more inclined to then purchase an item from that designer in the future. In a tough economy, Rent the Runway aids both sides of the spectrum, and we can tell that nothing but good things are on their way.
Ally | Elite.
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