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Corporation
INTERNET | eCommerce / Apparel & Accessories
renttherunway.com

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Founded Year

2009

Stage

IPO | IPO

Total Raised

$520.95M

Date of IPO

10/27/2021

Revenue

$0000 

About Rent the Runway

Rent the Runway (NASDAQ: RENT) allows women to rent designer apparel and accessories. The company focuses on convenience on all of its platforms, including online, mobile, and retail locations in New York City, Washington, D.C., and Las Vegas. Rent the Runway serves as a marketing channel for the fashion industry, introducing a new generation of women to brands that they had limited access to before.

Rent the Runway Headquarter Location

345 Hudson Street Suite 6A

New York, New York, 10014,

United States

212-206-1288

Latest Rent the Runway News

Top CEOs Share Surprising Leadership Tips Of 2021

Jan 11, 2022

We get a front-row seat to the most influential people on our beats, sometimes the most influential on the planet. We get paid to learn—and share the best lessons with you. Interviewing business leaders in 2021 has given us incredible access to America’s top bosses as they navigated a complex, volatile and remarkable year. Below, five tips from creative and influential leaders. Whether in times of crisis or recovery, these are practical lessons for launching—and growing—any company in 2022 and beyond. Don't Waste A Crisis When Covid shut down the world in March 2020, Americans found themselves all dressed up with nowhere to go. Jennifer Hyman , the cofounder and CEO of fashion giant, Rent The Runway, saw her business freeze as customers fled. Her special-event division, which rented dresses for big bashes and galas, ground to a halt. Subscribers, most of whom used the service to dress for work (and who now made up some 75% of Rent the Runway's business), canceled or paused their accounts in droves. By May, just 30% were still active. Rent The Runway cofounder and CEO Jennifer Hyman Rent The Runway It was brutal, but Hyman used the unexpected pause to make the improvements that would have been impossible when Rent The Runway was moving at full speed. "We weren't going to let 2020 go to waste. The pandemic was terrible, but also a time for creation and creativity," Hyman told Forbes in June. "Looking at things through a positive lens, we would have never had the opportunity to make the kind of process changes in our operation in a period of continued rocket ship growth." Her rocket ship temporarily grounded, Hyman revamped Rent The Runway's pricing model and updated and further automated her existing fulfillment centers in New Jersey and Texas. She invested in AI, radio ID tags and robots to more efficiently sort, clean, and ship her wears. Thanks to the upgrades, Rent the Runway avoided opening an expensive third distribution hub while setting up the company for future growth. The moves positioned Rent The Runway for a swift recovery this spring as the vaccinated society reopened. In October, Rent The Runway went public on the NASDAQ. Focus, Focus, Focus To build his music super-streamer, Spotify CEO Daniel Ek had to design sleek technology that offered listeners a better experience than piracy. And he had to convince both musicians and record companies that the future of music was not in ownership but streaming songs over the Web. He pulled it off. In the process, he has created a fortune for himself and early backers, and revived the once free-falling music industry. Spotify CEO Daniel Ek in his New York headquarters Guerin Blask For Forbes Equally impressive, Spotify has kept its music lead even as a trio of trillion-dollar titans—Apple, Alphabet and Amazon—launched competitive services. How? Spotify maniacally focuses on digital audio. "We very good at saying no to lots of things," Ek told Forbes in October. "Everything we do, we look at our mission and we say, 'Does this help advance it?' If the answer is yes, we'll take a look at it. We have a unique view on what needs to be done." Ek says that because Spotify solely concentrates on music and sound, it has helped him recruit the industry's top talent. "The best people in audio come to Spotify because we're the best at it. Over at Apple, music is priority No. 27," Ek says. "If you want to build a self-driving car, don't come to us." User Trends Are Your Friends When Anjali Sud joined digital video service Vimeo as its director of marketing, the company was betting it could build a subscription service to rival Netflix, Amazon Prime and HBO. But Sud noticed that small business owners were also using the service to upload videos to their websites and email ads. "It was everything from mom-and-pops to tech startups to the marketing department of large corporations," Sud told Forbes in April. "They were so diverse, it had to be a trend." Vimeo CEO Anjali Sud Jamel Toppin for Forbes She had a hunch that Vimeo's future was not in Hollywood hits but Silicon Valley plumbing. Her plan: shift its focus from entertainment to entrepreneurs. "There was another, much bigger market—businesses," Sud said. "What Squarespace and GoDaddy did for websites, we could do with video." IAC, then the owner of Vimeo, gave Sud a small team to build the service. It took off—so much so that Sud became Vimeo CEO in 2017. She's since transformed Vimeo from a dusty web relic into the showstopper of IAC's tech portfolio. In May, Vimeo spun out from IAC, making Sud one of the few female CEOs of a publicly-traded tech firm. "As a woman, a mother and a tech CEO, I'm unique in the software world," Sud said this spring. "I'm excited to bring my perspective and style to the industry. It's going to be fun." Dive Into Data While launching their then couch-surfing app, the founders of Airbnb were unsure whether to focus on increasing customers or home listings. So Nate Blecharczyk, the computer science expert of the founding trio, researched data on Airbnb's early top markets—New York, San Francisco, LA—looking for patterns and correlations. Airbnb cofounder Nate Blecharczyk at lodging giant's San Francisco headquarters Jamel Toppin For Forbes He hit upon two crucial insights. First, home listings drove demand. Second, once a city had more than 300 listings, it reached a tipping point, and the market would grow on its own. "By looking at the data very carefully, we refocused the problem. Blecharczyk told Forbes in December. “We simplified the goal from growing the company across the country to just getting 300 properties in the most important tourist cities." Data in hand, the founders created a targeted strategy to get 300 home rentals in critical locations—the city by city approach soon scaled into national (and global) dominance of the home-sharing market. Today, Airbnb's market cap tops $100 billion. Do The Opposite Giants dominate the world of retail. Amazon, Walmart and Target are among the largest and most valuable companies. But Josh Silverman, the CEO of hand-made and vintage marketplace Etsy, saw a gap in the market. As Covid turned everyone's home into offices, classrooms, and playgrounds, Silverman bet folks wanted to be surrounded by more unique, artisanal goods. "Our mission is to keep commerce human," Silverman told Forbes in October. Etsy CEO Josh Silverman delivers growth as the Anti-Amazon GABBY JONES FOR FORBES His plan: Let Amazon, Walmart and Target battle to deliver mass-produced items as cheaply and quickly as possible—Etsy will harness tech to provide unique, artisanal goods. Silverman has empowered an eclectic (and mostly female) community of crafters with the same cutting-edge AI, data science and marketing tools that the retail giants use. By doing so, Etsy's 2020 sales shot up 111% to $1.7 billion by selling the one-of-a-kind furniture, art and toys that quarantined customers crazed. At the same time, Etsy has provided millions of moonlighters with crucial income—and purpose—in a time of unprecedented layoffs, lockdowns and dislocations. Etsy's stock is up 275% from its 2020 pandemic lows. Follow me on  Twitter  or  LinkedIn . Check out my  website  or some of my other work  here . Send me a secure  tip .

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Expert Collections containing Rent the Runway

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Rent the Runway is included in 3 Expert Collections, including E-Commerce.

E

E-Commerce

9,049 items

L

Luxury Tech

402 items

Tech-enabled companies launching new luxury brands, as well as startups providing tech solutions to the luxury industry, including e-commerce tools, marketing, and more. While these companies may not exclusively target luxury companies, they have notable luxury partners.

T

Tech IPO Pipeline

568 items

Rent the Runway Patents

Rent the Runway has filed 4 patents.

The 3 most popular patent topics include:

  • Bags
  • California lawyers
  • Criminal defense lawyers
patents chart

Application Date

Grant Date

Title

Related Topics

Status

8/3/2017

5/19/2020

Luggage, Bags, Criminal defense lawyers, California lawyers, Grand tourers

Grant

Application Date

8/3/2017

Grant Date

5/19/2020

Title

Related Topics

Luggage, Bags, Criminal defense lawyers, California lawyers, Grand tourers

Status

Grant

Rent the Runway Web Traffic

Rank
Page Views per User (PVPU)
Page Views per Million (PVPM)
Reach per Million (RPM)
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Rent the Runway Rank

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