High Fashion Now Within Reach Of Everyone
Internet Business Model Creates Big Splash In The Fashion World
Hey, beautiful fashionistas, or all you soon to be fashionistas. RentTheRunway allows you to have select items from your dream wardrobe for up to 90% off retail. The only hitch is you wear it usually for just one occasion because you rent it. That’s right. You rent it, wear it, and then return it.
So beautifuls… if you’re tired of watching Victoria Beckham look more beautiful than you, concern yourself no longer. You can look just like her for your next big date or other occasions for as low as 10% of retail. Not that Victoria is renting too, but you never know for sure do you?
Their Product Design Innovation Story
The following story is from the RenThe Runway site: Co-founders Jennifer Hyman (Jenn) and Jennifer Fleiss (Jenny) met as section mates at Harvard Business School, where over frequent girls nights, they became fast friends. During a trip home to New York City, Jenn watched her sister Becky struggle with a ‘closet full of clothes but nothing to wear’ moment. Becky had an upcoming wedding and wanted something gorgeous – Hervé Léger maybe, or Proenza – but her modest salary meant that everything high-end was out of reach. What if, Jenn thought, the Beckys of this world could have access to their dream closet – a new dress for every occasion? And what if designers were able to get their pieces into the hands of young, fashionable women and build an addiction for designer fashion? Cut to: Cambridge, Massachusetts, several days later. Jenn told Jenny about Becky’s dilemma, and, this being business school, they started creating a company. A few business plans later (okay, more than a few), along with formative meetings with top designers and retailers, and was born in New York City. It’s a community designed to fill the needs of women just like Jenn, Jenny and Becky – women who know and love high fashion, who want to look glamorous for all their nights out and experiment with new brands without the anxiety of investing in piece after piece. Users benefit from the expertise of professional stylists and the shared wisdom of like-minded fashion-forward members. Through exclusive relationships with top designers, is able to continually update its stock with the latest pieces. And to think: it all started with that age-old complaint: I don’t have anything to wear. Now you do, and you’re going to look amazing!
Just imagine how you could impress people at the beach (for a few days) or dinner maybe, with a stunning product design innovation such as this one. I dare to say not even Kim Kardashian has one of these. Imagine how unique, how stunning, how amazing you would be wearing this!
Ok, let’s get serious about business innovation now. I have a question for you? Please submit ideas in your comments.
What other existing business could move to this online “Rent Me” model?
Think out of the box!
The DNA of this Innovation:
What are the most prominent DNA strands that make it possible for this fashion product design innovation to have potentially huge impact on the future of fashionablity?
Answer: Information, Digits, Aesthetics, and Architecture