Rapid Response: Fashioning a greener closet, w/Rent the Runway's Jenn Hyman
Masters of Scale
WaitWhat
4.6 • 4.4K Ratings
🗓️ 10 June 2021
⏱️ 36 minutes
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Summary
Fashion became secondary amid Covid lockdowns. Sweatpants-only life pressed apparel-subscription service Rent the Runway into layoffs and furloughs. But as co-founder and CEO Jenn Hyman explains, the business saw a surprising rebound early this year, fueled by new customers in unexpected places – and by a renewed consumer focus on sustainability. Building a “closet in the cloud,” as Jenn describes Rent the Runway, may not have been an essential pandemic service, but as we move into the next phase, her experience illuminates how accelerated change is remaking the marketplace.
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Transcript
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| 0:00.0 | As much as people complain about startups being hard, there's nothing as hard as your |
| 0:09.7 | demand falling off a cliff because of a global pandemic and there's nothing we could have |
| 0:16.8 | done to plan for that with the exception of we had 12 years of building a business and |
| 0:25.4 | dealing with the ups and downs that inevitably come. |
| 0:29.6 | There were really two categories of strategic work streams that we focused on from April |
| 0:35.8 | 2020 until now. |
| 0:38.0 | One was increasing the strategic aperture of the business. |
| 0:42.7 | The second component was everything related to scaling our operations and logistics. |
| 0:50.1 | Better technology, better automation, better processes, better garment science, better |
| 0:55.1 | machine vision. |
| 0:56.6 | I do think that being locked away from all of the people that we truly love over the last |
| 1:02.8 | 15 months has, yes, of course, people want to celebrate and they want a party right now. |
| 1:10.4 | That might be a short-term thing, right? |
| 1:13.9 | But what the long-term thing is going to be is the level of appreciation that we have |
| 1:19.8 | for those moments with the people that we love. |
| 1:22.2 | That is the real driver of not only my business, but that's the real driver of the fashion |
| 1:28.2 | industry. |
| 1:31.8 | That's Jen Heimann, co-founder and CEO of Rent the Runway, the Pioneer Fashion Apparel |
| 1:36.7 | Subscription Service. |
| 1:38.8 | After COVID-19 lockdowns decimated the business forcing layoffs and furloughs, Rent the Runway |
| 1:43.6 | began to see a dramatic rebound early this year, fueled by new customers in unexpected |
| 1:48.8 | places. |
... |
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