Global Economic Justice (2). 22 February 2017 . Rent The

Decent Essays

Global Economic Justice (2)

22 February 2017

Rent The Runway

“At a certain point, you need to turn around and say to yourself, do I love how I spend my day every single day? Is this the most effective use of my heart and my mind?” (Hyman). Jennifer Hyman and Jennifer Fleiss are entrepreneurs that have changed the fashion industry by allowing every women to have the opportunity to access off the runway clothing for an affordable price. These two intelligent ladies started with a small idea that has blown up into multimillion dollar business and changed the way the economy is shared for the good of all women. Jennifer Hyman (CEO) and her co-founder, Jennifer Fleiss met while attending Harvard Business School. They woke up …show more content…

In 2009, Rent The Runway started out as a website that allowed women to rent designer dresses and return them for an affordable price. Little did the women know it would raise over 400 million dollars and expand to over 60 million customers. The whole idea around Rent The Runway is positive. Jennifer Hyman and Jennifer Fleiss took an idea during the time of the recession and turned it into a practical way for women who were struggling financially feel good about themselves. The company mainly focuses on allowing millions of women to go online and rent a designer outfit for a special occasion at an affordable price. Women are able to rent the outfits online for up to 8 days, paying between $40 and $350 (Bosker). It is accessible through mobile apps, online, and three retail locations making it convenient for millions of women. Furthermore, not only is the business benefiting the customer, it is benefiting the other designers. The company ensures that designers have exposure and another way to be able to sell their clothing. They are able to take data and receive feedback on their clothing to make it better for future clothing designs. Even unknown designers are able to exclusively have their clothing featured on Rent The Runway and have exposure (GalBraith). Additionally, Rent The Runway has partnered with UBS philanthropic initiative. It is a project that allows companies to have women entrepreneurs

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