Launched by now CEO Jennifer Hyman and Jenny Fleiss in 2009, Rent the Runway gives women the option to rent, rather than buy, the latest looks. The company has raised $190 million in funding to grow the business. It now serves more than 8 million customers, and has more than 1,000 employees. The company has developed a formidable logistics infrastructure to warehouse, ship, and professionally clean clothes. In 2016, it expanded its subscription service from gowns and formal wear to everyday clothes, allowing women to rent the clothes they wear to work and during the weekend.
The brand’s mission is to fundamentally change women’s approach to clothing, so that they never have to own another garment again. In 2018, the company equalized benefits for all of its employees, meaning that every warehouse, customer service, and store employee gets the same bereavement, parental leave, family sick leave, and sabbatical packages as corporate employees.