In doing so, they’ve changed the way that people think about the market itself. They’ve done this by expanding the rental business model into high-end fashion. Over the past decade, Rent the Runway has grown their eCommerce clothing company to a yearly revenue of over $100 million and a recent valuation of $800 million. Rent the Runway (RTR) took that model and brought it online. It’s a mom-and-pop industry built around local brick-and-mortar small businesses that have a limited stock available. The entire experience is pleasant enough, but it definitely feels like something out of an episode of Happy Days.įor the past 70 years, rental clothing has remained relatively unchanged. An experienced tailor takes your measurements, asks a few questions about what you’re looking for, and disappears into a back room.Īfter a while, he or she returns, stock in hand, and you run through the handful of outfits you have to choose from. Either way, the experience was probably similar to that of lots of other people across the United States: You find the local clothing rental store, the one that all your friends and family have rented from for as long as anyone can remember, and stop by for a fitting. It might have been a dress for your cousin’s wedding or a tux for your high school prom. Think back to the first time you rented a piece of clothing.
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