I recently attended the Fast Company Innovation Festival in New York City, a conference highlighting successful entrepreneurs and businesses that make a difference. One of the most compelling speakers was Jennifer Hyman, the CEO and Co-founder (with Jennifer Fleiss) of Rent the Runway, a new concept in retail fashion.
Hyman revealed the average American buys 64 items of clothing each year and wears them fewer than 3 times. I certainly support this claim anecdotally with the number of overburdened closets I have organized.
The inspiration for the business came after scolding her sister for buying a dress beyond her budget when she had a closet full of clothes. According to Hyman, her sister said, “Those clothes are dead to me. I have been photographed in them on Facebook and need something new.”
The concept was born. Rent high-end fashion you couldn’t otherwise afford or wouldn’t otherwise want to own. Rent the Runway provides 4 – 8 days of access to more than 200 designers for a fraction of the retail price.
It is my hope that Rent the Runway will alleviate the closet frustrations of many of my clients as they have all the choice with none of the wasted space or resources of owning your outfits!