Recent Harvard Business School graduates Jennifer Hyman and Jennifer Carter Fleiss put their brains to work in favor of their love for fashion and after numerous business plans came up with the strategy for Rent the Runway, a concept that has been compared to Netflix. It is in hard economic times that some of the best ideas are born, finding ways to make the unattainable accessible to large demographics is a brilliant mission The duo has created an online platform making typically unattainable fashion accessible to a much larger demographic. Rent the Runway allows its members to rent designer dresses for up to 4 days with a modest range of $50 – $200, approximately 10% of their retail value. And for an additional $25 you can choose an alternate option to be shipped, in case the fit or style is not right.
“After wearing the dress, she puts it into a prepaid envelope and drops it in the mail. Dry cleaning is included in the price, but damage insurance costs $5, and in the case of outright destruction of the dress, the renter is responsible for the full retail price.”
If this sounds at all enticing to your fashion appetite I suggest paying a visit to Rent the Runway and getting yourself on the waiting list asap.