How I Built This with Guy Raz Advice Line with Jenn Hyman of Rent The Runway
Mar 13, 2025
Jenn Hyman, co-founder and CEO of Rent the Runway, shares her entrepreneurial wisdom while advising early-stage business owners. She tackles the importance of valuing artisan craftsmanship for local apparel, and emphasizes how letting go of ego can enhance leadership effectiveness. Conversations include strategies for raising capital in sustainable fashion and achieving significant revenue for beauty brands. Hyman offers insights on the evolution of fashion rentals and the emotional resilience needed in entrepreneurship, inspiring listeners on their journeys.
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Data-Driven Decisions
- Gather data on customer values, even through small-scale surveys or conversations.
- Don't assume; understand why customers buy your products.
Consumer Preferences
- Data suggests American consumers don't prioritize "Made in America" labels.
- Focus on the product's quality and appeal, regardless of origin.
Cost Management
- Lower labor costs, which are currently unsustainable at 50% of revenue.
- Explore product line extensions with higher margins, like phone holders.