Jennifer Fleiss (left) and Jennifer Hyman are co-founders of Rent the Runway, coming to Chicago next month.
Female fashionistas take note. In the wake of a massive infusion of $60 million in new venture capital funding late last year, Rent the Runway is coming to Chicago.
On Apr. 30, the five-year-old New York City-based "fashion company with a technology soul," as it likes to think of itself, will open a 3,000-square-foot store at 710 N. Wabash in Chicago's swanky Gold Coast neighborhood. The Chicago outpost will become the company's fifth brick-and-mortar store, along with two flagship shops in New York City and one store in Washington, D.C. and another in Las Vegas.
Co-founded by Harvard Business School graduates Jennifer Hyman, who is Rent The Runway's CEO, and Jennifer Fleiss, head of business development, the online concept was initially designed as a outlet for women to easily rent, wear and return high-fashion garments that they otherwise might not be able to purchase for use on only a handful of occasions.
Women can peruse RTR's inventory of fashion clothing at the company's website or via the Rent the Runway app for the iPhone and make a selection. The garment is then shipped to the customer in two sizes to ensure the best fit for a rental fee of 10 percent of the outfit's retail cost. Garments are returned with postage pre-paid, and dry cleaning is handled by Rent the Runway.
Since launching in 2009, Rent the Runway has grown to include 5 million member users and 279 designer fashion brands and 300 employees.
Chicago is expected to be the first of 15 new markets Rent the Runway will go into after getting its new funding late in 2014. The new stores will give customers in those markets the options of looking for an outfit to rent in store or getting a look at something in person that they might then be able to rent online.
Hyman and Fleiss have recently launched a second related business called Unlimited, which offers women the chance to rent up to three everyday garments at a time and keep them for as long as they wish. When the outfits are returned, Unlimited sends out three more items.
via fashion - Google News http://ift.tt/1acrbBn
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