Rent the Runway

Rent the Runway is an e-commerce service where people can rent, subscribe, or buy designer clothes and accessories. It was started in 2009 by Jennifer Hyman and Jennifer Fleiss.

 History 
Jennifer Hyman and Jennifer Fleiss met at Harvard Business School in 2007. Hyman had the idea to rent dresses for events after her sister spent too much on a wedding dress. They pitched the idea to designer Diane von Fürstenberg, who became an early partner.

The company launched in November 2009 and gained attention after being featured in The New York Times. In 2016, it began offering everyday clothing through subscriptions.

Rent the Runway raised over $400 million in funding from major investors like Fidelity Investments and Bain Capital Ventures. In 2019, it was valued at $1 billion, making it a unicorn.

 Business 
Rent the Runway offers clothes from over 700 designers in sizes 00 to 22. The service includes event wear, everyday clothes, children's clothing, ski apparel, home décor, and accessories like handbags and jewelry.

 Challenges 
In 2023, the company struggled as sales failed to meet customer demand. Analysts reported it could face financial trouble, including possible bankruptcy.

 Awards 
Rent the Runway appeared on CNBC's Disruptor 50 list in 2013, 2014, 2015, 2018, and 2019. It was also named one of Fast Company's Most Innovative Companies several times.

 References 

 Category:Companies based in New York City