Jennifer Hyman, co-founder and CEO of Rent the Runway, joins Ken Pilot to discuss the company's journey over the past 15 years.

Rent the Runway's Origins and Growth

• Hyman pitched the concept to Diane von Furstenberg 48 hours after having the idea
• The company now rents about $5 billion worth of designer clothing annually
• Rent the Runway works with over 1,000 designers and has had 100% brand retention over 15 years

Business Model and Profitability

• The company has focused on becoming capital-light, with revenue sharing agreements with brands.
• Rent the Runway has more than doubled its margins over the last few years.
• The goal is to reach free cash flow breakeven.

Challenges and Resilience

• COVID-19 presented significant challenges for the business.
• Hyman emphasizes the importance of resilience and staying in the game.

Marketing and Customer Acquisition

• The company is refocusing on top-of-funnel marketing activities.
• Rent the Runway is leveraging its community and introducing new initiatives like the "Icons" program.

Physical Retail and Partnerships

• Hyman expresses interest in partnerships with retailers like Sephora, Ulta, or Zara.
• Previous partnerships with Neiman Marcus drove significant foot traffic.

Industry Insights

• Hyman discusses the disruption in the fashion industry, particularly from companies like Shein and Amazon.
• She notes the changing perception of brand value among consumers.

Technology and AI

• Rent the Runway is exploring AI applications in various areas, including photography, customer service, and search algorithms.