NEW YORK--(BUSINESS WIRE)--Rent the Runway is scaling its subscription to fashion program with the launch of a revolutionary monthly membership tier and enhancements to the current model, it was announced today by Jennifer Hyman, Co-Founder and CEO of Rent the Runway. Clothing rental has become a utility in Rent the Runway subscribers’ everyday lives, disrupting the way they get dressed and their outlook on shopping with 68% of “RTR Unlimited” subscribers reporting that they now buy less clothing than they did before.
“Since its launch, ‘RTR Unlimited’ has created an entirely new consumer behavior and has disrupted the way women are getting dressed every day,” said Hyman. “Our subscription business is up 125% year-over-year and is projected to triple in 2018. We’ve made clothing rental a utility in women’s lives, and I’m thrilled to be bringing the closet in the cloud to millions more women with ‘RTR Update’.”
“RTR Update,” the new $89 monthly subscription, will include four pieces delivered once a month from 200+ top brands, including Tory Burch, DVF, Milly, Opening Ceremony and The Kooples. “RTR Unlimited” will continue to offer users access to a continuously rotating closet with unlimited rentals from 500+ top designer brands, including Marni, Proenza Schouler, Tanya Taylor, Carven, Derek Lam and Loeffler Randall. Under the enhanced version of the program, “RTR Unlimited” subscribers can rent four items at a time and exchange and select new items as many times as they’d like for $159 per month. Current “RTR Unlimited” subscribers will be “grandmothered” in at the current $139 per month price point for life. Both membership models feature free shipping and dry-cleaning, 25% off “RTR Reserve” rentals and the ability to pause or cancel anytime.
Rent the Runway stores are every woman’s ‘dream closet’ brought to life. Not only are the five retail locations full of thousands of designer styles to choose, but subscribers can walk in, return their rental pieces, and walk out with anything they want -- without ever having to swipe their credit card. Self-scanners offer the option of self-service for the ultimate convenience, and shoppers can also work with RTR stylists for a truly personalized experience. Since the launch of “RTR Unlimited” last year, there has been a 120% increase in services in-store, including pick-up, drop-off and new item selection.
Rent the Runway is also unveiling its first-ever national brand campaign, which shows what women will do with their closets once they start renting the runway. The campaign will launch with :15 and :30 second TV spots today. A complimentary out-of-home campaign will post in New York City subways the week of October 23rd. The subway executions are illustrated by Julie Houts, whom Vogue calls “Instagram’s favorite illustrator.” To-date, Rent the Runway’s growth has been largely organic with nearly all customers hearing about the brand through word-of-mouth via its powerful community of women.
About Rent the Runway:
Rent the Runway is a technology and logistics company transforming how women get dressed every day. The company provides access to a “closet in the cloud” powered by rental to its eight million members through two subscription plans and on-demand rentals. With options for work, weekends and special occasions and a focus on top-notch customer experience, Rent the Runway aims to make women feel confident and be the best versions of themselves. Founded in 2009 by Jennifer Hyman and Jennifer Fleiss, Rent the Runway has raised over $190 million in venture capital and is growing rapidly. In 2015, Hyman and Fleiss launched the Rent the Runway Foundation to support female entrepreneurs throughout the U.S. in scaling their businesses.
