NEW YORK – Jennifer Hyman is known as the chief executive and co-founder of the creative and famous startup called ‘Rent the Runway’. The company was founded in 2009 to facilitate people to rent out fancy dresses for special occasions such as prom or wedding. It was declared as an innovative venture.
Most of the people live on an average and below average household and are living their lives on a small but reasonable income needed for survival. For such a target market (that was huge), Rent the Runway served as a blessing. The people belonging to that target market were easily able to rent out dresses for a day at a relatively cheaper price and were able to cherish and enjoy their memorable events without encountering anxiety concerning the expenses.
During the initial years of business, Rent the Runway only offered high end dresses, the kind of dress that people could not afford to buy on normal days. Now, the company has decided to expand their portfolio and is trying to tap into different markets by diversifying their product offerings.
Jennifer Hyman announced this week that the company is going to expand its business into normal casual wear as well. This will allow people to wear different clothes to work all week long. In this way, people will not have to show up for work in same clothes every day and suffer from fashion embarrassment. This is going to boast their self-esteem and will allow them to expand their wardrobe with in a low budget.
That’s not all. The company believes that if this strategy of offering every day wear becomes a success, many famous corporate brands will suffer. “I want to put H&M and Zara out of business,” Hyman proclaimed from conference room at Manhattan headquarters yesterday. “I don’t want to” she corrected herself “I plan to”.
We wonder how the people will react to this offering.
Is it a YAY or NAY for Rent the Runway?
Time will tell.