What's the hidden business behind your business? w/Rent the Runway's Jenn Hyman

Partnerships

Jenn Hyman, co-founder of Rent the Runway, emphasizes the importance of building strong industry relationships from the start. She explains how partnerships with designers and department stores were crucial for gaining credibility and support. Hyman notes, "They gave us permission to survive at the beginning," highlighting the significance of these early alliances 1. This approach allowed Rent the Runway to establish a solid foundation and scale effectively.

   

Challenges

Navigating industry-specific challenges was another key aspect of Rent the Runway's success. Jenn Hyman shares how understanding the fashion industry's dynamics and addressing potential threats helped them gain trust. She recalls a pivotal moment when a department store president revealed, "Women have been renting the runway for my stores for decades," underscoring the need for a new solution 2. This insight led to innovative strategies that transformed industry practices.