Masters of Scale Rapid Response: Fashioning a greener closet, w/Rent the Runway's Jenn Hyman
Jun 10, 2021
Jenn Hyman, co-founder and CEO of Rent the Runway, shares her journey through the pandemic's challenges and the surprising rebound of her fashion rental service. She reveals how consumer habits shifted toward sustainability, making a 'closet in the cloud' not just relevant but essential. The conversation highlights innovations in operational strategies and the evolving retail landscape, focusing on convenience and the rise of secondhand shopping. Hyman emphasizes the importance of resilience, both financially and emotionally, for businesses in a post-pandemic world.
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Navigating the Pandemic's Impact
- Rent the Runway had to close retail outlets, furlough staff, and raise money at a lower valuation during the pandemic.
- These were difficult decisions, but necessary to navigate the sudden drop in demand.
Leading Through Crisis
- Be transparent with your team during crises, sharing both the challenges and the hope for the future.
- Focus on long-term strategy and preparation for the post-crisis world.
Sustainability's Rise
- Sustainability has become a major driver for consumers, rising to the second most cited reason for using Rent the Runway.
- This shift reflects a change in consumer values towards more thoughtful consumption.