Rent the Runway is the premier online destination for dress and accessory rentals with a revolving roster of more than 170 top designers including Calvin Klein, Vera Wang, Nicole Miller, Badgley Mischka, Alexis Bittar and Donna Karan New York. Making Oscar fashion and elite accessorizing available to all, this pioneering luxury retail rental business model has the lucrative high-end department store chains feeling a new kind of shopping anxiety.
The luxury designer and lucrative high-end retail market.
Headquarters: New York
CEO: Jennifer Hyman
Year Founded: 2009
Number of Employees: 200
Funding: Rent the Runway has raised approximately $54 million in funding. In March, it closed a $24.4 million Series C funding that included investments from Advance Publications, which is the parent company of Condé Nast, and American Express.
Key Investors: Bain Capital Ventures, Highland Capital Partners and Kleiner Perkins Caufield & Byers
- 3 million members added since November 2009 launch
- Adding 100,000 new members per month
- Growing more than 100 percent annually
- Known as the "Netflix of designer fashion"
- College and elite prep school students were the early adopters
"An idea that was initially scoffed at or considered impossible and growing it so much so that it changes the way an industry functions."