Rent the Runway
Rent the Runway is a successful, growing brand which caters primarily to women, and as of recently, to children. The brand is supported by professional women and women who love designer clothing on a budgeted price. The company has expanded recently with physical stores and the CEO of the company is expecting to see the company grow to $100 billion in valuation.
COMPANY PROFILE: RENT THE RUNWAY
WHO THEY MARKET TO
- Rent the Runway caters specifically to women.
- According to their website, their mission is to cause women to "feel empowered and self-confident" daily. The company is seeking to create the world’s first and only "closet in the cloud" which is essentially a dream closet filled with an innumerable amount of designer styles.
- Rent the Runway believes that women will be freer to express themselves through the way they dress and their core mission is to help them along that course.
- Rent the Runway has recently started catering to girls between the ages of 3 and 12.
- The Millennial generation is interested in sustainability and the pieces from Rent the Runway mirror this interest.
WHO RENTS/BUYS THEIR PRODUCTS
- Individuals who rent or buy from Rent the Runway include professional women who want to dress well for work.
- Women who like designer-style clothing but want to purchase them for a fraction of the price, understanding that, while they would like to have these products, they're not necessities.
- College students who want to look stylish on a budget also rent clothing from Rent the Runway.
- There are also mothers who rent maternity wear from Rent the Runway.
- Children are also getting in on the designer clothing trend, especially those who want to look like their mothers or create "Mommy and Me" looks.
PRODUCTS AND SERVICES
- Rent the Runway offers dresses, blouses, pants, jumpsuits, rompers, sweaters, jackets, and outerwear, as well as maternity clothing and wedding dresses.
- The company offers expensive designer clothing and accessories for customers to rent.
- Most recently, Rent the Runway has offered more casual wear for customers through a monthly subscription service.
- Rent the Runway will now be opening brick-and-mortar locations to cater to a wider demographic.
- Rent the Runway has opened a physical shopping hub for customers to enjoy a better shopping experience.
- Rent the Runway is now worth a whopping $1 billion.
- It has recently raised funds in the amount of $125 million with the help of investors.
- The total amount the company has raised thus far is $337 million due to its fast-growing sales.
- Jeniffer Hyman, CEO of Rent the Runway, states that the company is targeting its growth to $100 billion in the future.
- Rent the Runway understands its mission and with its pricing and the rental subscription it promotes, it's doing a great job capturing the fashion market which is expected to grow twice its size by 2022.
- Rent the Runway’s subscription gives more value to customers while still making the customer put forth more willingness to pay. This way, Rent the Runway can capture more of the new market for themselves, thus their growth will expand.