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Today, Rent the Runway's Unlimited subscription service is officially launching. It's no longer in beta and there's no longer a waitlist, so anyone who wants to join can now join.
Here's what you get for a monthly fee of $139: access to three designer pieces that you can swap in and out, old-school Netflix DVD-style. Just send them back in Rent the Runway's clever, USPS-friendly garment bags, and new pieces will arrive at your door.
"Unlimited has been in beta for about a year as we were figuring out who is the customer for a subscription to fashion and what kind of clothes she wanted as part of her subscription," Rent the Runway's CEO and co-founder Jennifer Hyman tells Racked.
Hyman wouldn't put a particular number on how many customers have been on the waitlist other than saying, "We’re not allowed to reveal, but tens of thousands." Fast Company writes that that waitlist figure is 40,000.
Unlimited originally started as a $75-per-month service mainly renting accessories, but now Rent the Runway expanded the program to offer clothes for the office, for the weekend, and for any event on members' Google calendars.
"The price has changed because when it first started, it was just a subscription to accessories. We realized that we wanted a program, first of all, that was apparel-based and a program that could be utilized every single day as the bread and butter of what you were wearing. We think that women who use the subscription, you could utilize it to take your basics to your next level," Hyman said.
"We want you to invest in your basics and [use Unlimited] every time you want to try something new; try a new trend; it’s a new season so you feel like you want a fresh look. All of those reasons why you would’ve walked into Zara, now you use the subscription."
There are hundreds of thousands of options on the site, according to Hyman, and everything on the site is available to Unlimited members. The plan is to add new items weekly. Hyman's calling it the "modern day Clueless closet."
An app is also launching today for Unlimited members. "We expect that over 90% of the usage of unlimited is actually going to be through mobile," Hyman said.
There's a lot riding on Rent the Runway's Unlimited launch as the company tries to convince shoppers to rent high-end pieces for every day, not just special occasions.
"The core Rent the Runway business, which was renting dresses and accessories for special events, is on this nice trajectory, that’s probably a couple-hundred-million-dollar business in the next few years," board member Scott Friend told Fortune last year. "But Unlimited, this subscription business for everyday fashion, is a far, far bigger additional opportunity."