More than 5 million women around the country are renting dresses via Rent the Runway. Jennifer Hyman, 35, cofounded the business in 2009 to give women access to luxury brands at a fraction of the cost. She’s banked more than $126 million to fuel the idea since.
In a bid to integrate into the daily lives of women, Rent the Runway expanded its offerings this month. While it previously focused on special occasion dresses, the new line offers designer fashion and accessories for everyday. For $139 a month, women can rent an unlimited number of items (three rentals at a time). This spring, Rent the Runway will host an accelerator program in its New York City headquarters, with the goal of lifting up fledgling female founders.
What about your job most excites you?
The opportunity to change the way we do a fundamental everyday thing of getting dressed. I dream of democratizing the fashion industry by giving everyone access to feeling their most beautiful and powerful every day, and at the same time using technology to modernize how we get dressed. Fashion should be a daily convenience, not a daily chore.
How many hours do you sleep?
I sleep around 8 hours, but I tend to wake up several times a night with constant dreams, thoughts and ideas related to Rent the Runway.
What do you eat for breakfast?
Oatmeal with berries, bananas, cinnamon and walnuts, and an iced coffee.
If you could pitch to one person, who would it be?
Oprah, obviously. #whorunstheworld! OPRAH!
What’s on your home screen?
A photo of my boyfriend and I wearing our matching flannel Christmas pajamas.
How often do you exercise?
In the summer, four times a week -- the beach is a major motivator. In the winter, twice a week, only if a personal trainer is making me feel guilty about not showing up.
What app can’t you live without?
Uber. Getting around NYC in the winter prior to Uber was brutal. Try to attend fashion week in blizzards and 5-inch heels with no taxi or subway in sight. In a word, challenging!
What's your favorite city and why?
I clearly have to say New York because it encapsulates everything that is chaotic and crazy and passionate and smart about all of us. It's where dreamers can dream big. But the other half of me wants to live in LA and hang with Adam Sandler and all the Vince-clad moms at Brentwood Country Mart every morning.
What’s the most important company we’ve never heard of?
Amazon -- oh wait, I think you might have heard about it.
Are there any social platforms you refuse to participate in?
I refuse to participate in all anonymous platforms. If you can't put your name to something, you probably shouldn't be saying it. Be brave and take accountability for your thoughts and beliefs.
What are you reading right now?
Adam Grant's Originals and UnOrthodox, the story of a woman who escapes the Hasidic community
Do you think there’s a tech bubble? Why or why not?
No. Tech is fundamentally disrupting and/or changing the way we live every aspect of our life. From how we consume our music, to our entertainment, food, healthcare and clothing. A bubble implies many of these innovations are going away, which they certainly are not. Inconvenience has been eliminated. Now, as for the prices of tech companies, let's just say *bubbles* can break.
Best piece of advice you've been given?
From Will Dean, a close friend from b-school and the founder of Tough Mudder: "The more stuff that happens, the less there is to be afraid of."
What keeps you up at night?
This election. I've realized I don't fundamentally understand half of the American population, which is saddening.
If you could tell your 18-year-old self one thing, what would it be?
Don't worry about getting married until you're 35. A life should have many loves and many, many adventures. Oh, and move to a Greek isle for a year and become a bartender NOW because you'll never do it again!
