Rent the Runway, which pioneered women’s clothing rentals, announced that its business is boming. CEO Jennifer Hyman told The New York Times that the company has seen a 92% increase in subscribers from its low point in May 2020. She added that customers are especially interested in bright colors and bold styles — what the company calls “the new joie de vivre.”
By Ann Logue
The company offers one-off rentals and monthly subscription plans. The one-offs are great for people who need a dress for a particular event, and the subscription allows customers to rent several styles for a monthly fee. The savings over buying can be significant. A Rebecca Taylor Zadie Wrap Dress that originally retailed for $495 and is now offered at $198 as a final sale on the Rebecca Taylor website can be rented for four days for $55 on Rent the Runway, or it can be one of four items rented for $69 per month. The Rent the Runway price includes dry cleaning.
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Several other companies tried to launch subscription rental businesses before the pandemic, and now they, too, are coming back. Gap’s Banana Republic offers three items at a time for $75 per month, and Eloquii allows rental customers four items for $79.
If you like having a large wardrobe of the latest fashions, rental programs can save you a lot of money. In some cases, you can even purchase retired rental items at a steep discount. Rent the Runway, for example, sells its retired clothing through ThredUp, where a Rebecca Taylor dress similar to the one mentioned above sells for $64.95 — a nice deal for someone who will wear the dress more than once.
