Renting cars, homes and furniture has always given many Americans a chance to grab the high life at a reasonable cost. Now we see that clothing renting may be the new…may I dare to say…fashion trend. Businessweek ran a great article on this and how the younger generation is taking advantage of this renting opportunity. Here is what Businessweek had to say
That attitude extends to clothes. Rent the Runway, a website that offers high-fashion gowns and other couture for around 10 percent of the purchase price, is also targeting younger consumers. President Jennifer Fleiss, 28, said its business model is “almost recession proof.” Since its start in 2009, the company has grown to about 3 million online members and is adding approximately 100,000 per month. In May 2011, the New York-based company raised $15 million in venture capital from outside investors, said Fleiss. Rent the Runway members typically range from 15 to 35 years old, she said.
Lindsay Abrams, 22, started working in 2009 as an on-campus representative at Vanderbilt University in Nashville, Tennessee, one of 175 colleges with company-sponsored teams to drive brand awareness. Important Part “The recession has been an important part of Rent the Runway’s popularity,” said Abrams, who has rented about 15 dresses and is now a customer communications associate for the company. “For people my age, the new thing is renting versus buying. It is a great way to save money.”