Rent the Runway started 8 years ago in 2009, well before the Ubers and Snapchats of the world. Jennifer Hyman, co-founder and CEO of Rent the Runway, has using the experience economy since 2002. Since that time, Rent the Runway has grown to over 8 million users.
Hyman joins Tim Stenovec to talk about the startup, how it is growing, and what the future holds. When asked if Rent the Runway is a fashion, tech, or retail company, Hyman explains that it is a bit of everything, but most importantly it's a disruptor. Hyman's goal is to get women to buy less stuff, own a subscription to fashion, and put their closet in the cloud.
It is a good time for Rent the Runway to be in business. Now, around 70% of women work, and are staying in the workforce after they have kids.
In terms of brick and mortar, Hyman says it is all about thinking differently. To make brick and mortar viable, stores should give you a unique experience that is not available online. Things like having a stylist in the store is a good idea.
Hyman says she is more excited about Rent The Runway than she's ever been.