How I Built This with Guy Raz How I Built Resilience: Live with Jenn Hyman
Jun 4, 2020
Jenn Hyman, co-founder of Rent the Runway, shares her insights on leading a billion-dollar fashion rental company during the pandemic. She discusses overcoming the challenges of reduced rental interest and prioritizing emotional support for her team. Hyman emphasizes the importance of sustainability and adaptability in business, highlighting how leadership dynamics have evolved. She also explores the role of fashion in uplifting mental well-being and empowering women in the workforce amid these turbulent times.
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Beyond Revenue
- Jenn Hyman's main challenge during the pandemic wasn't solely revenue drops.
- It was about upholding Rent the Runway's vision and commitment to empowering women through clothing.
Navigating Financial Crisis
- First, cut non-essential expenses like capital expenditures and marketing budgets.
- If necessary, make difficult staffing decisions such as layoffs or furloughs.
Two-Phase Survival Strategy
- Focus on surviving the immediate crisis of shelter-at-home, then plan for long-term recovery.
- This involves adapting to changing consumer values and a recessionary environment.