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When Rent the Runway launched in 2009, offering shoppers a relatively inexpensive way to rent out designer clothing for a few days, customers booked their outfits for weddings and special occasions three weeks ahead. Eight years later, that window has narrowed to days and, in many cases, hours.
“Our customers’ entire lives are on-demand,” says CEO Jennifer Hyman. “They’re not planning anything in advance.”
So to meet the wants of those Hotel Tonight-ing, Seamless-ing, Uber-ing shoppers, Rent the Runway is going on-demand, too. Today, it’s launching same-day delivery in New York, promising to deliver orders to shoppers by 5 p.m. if they book by noon.
You could say that Rent the Runway is trying to compete with Net-a-Porter and Barneys, both of which offer same-day delivery in parts of New York, or that it’s trying to get a slice (a sliver, really) of Amazon’s Prime Now action. But Hyman says that it’s mainly looking to cut into fast fashion’s stranglehold on day-of purchases. For women who work and live within subway distance of a Zara, it’s all too easy to put off buying something for a nice event until the very last minute, because you know that when you walk through those doors you’ll be able to find something that’s on-point and inexpensive, fast.
“Today, the only real options from a value perspective and a distribution perspective are H&M, Zara, T.J. Maxx, and Forever 21,” Hyman says. “If I get asked on a date tonight, the probability that I’m going to go all the way to Saks and spend $1,000 on that outfit is zero.”
Rent the Runway offers product from high-end designers like Oscar de la Renta, Giambattista Valli, and Proenza Schouler, but some of its dresses hit as low as $30. That’s the price point that could persuade people to test out its same-day service instead of hitting up a chain store. And for anyone who feels gross about the disposable clothing culture attached to the fast fashion industry, buying into Rent the Runway’s cycle of reuse (which does incur the environmental costs of dry cleaning) may be extra appealing.
In recent years, the startup has been trying to cement itself as a go-to for everyday clothing as well as event dressing, and it’s expanded its assortment accordingly with trousers and tops and rompers. Same-day delivery helps push it toward that goal.
Hyman says Rent the Runway is looking to expand same-day delivery to other major cities by the fall. If all goes well, Chicago, DC, LA, and San Francisco could be up next.