The company offers several subscription plans at varying prices, that can be customized. In addition to garments for events, the company also rents everyday clothing, children's clothing, ski apparel, home décor, and accessories, including jewelry and handbags. The company offers clothes from over 700 designers, in sizes ranging from 00 to 22. In March 2019, Rent the Runway received a new round of financing that increased its valuation to the unicorn level of $1 billion. Fleiss remained on the board and Hyman remained as CEO. In 2017, Fleiss left the company to co-found Jetblack, a concierge shopping service.
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However, it was reported to have a positive bounce back by the end of 2016 with a Series E venture investment from Fidelity Investments and the launch of new physical retail shops. In 2015, the company suffered negative press after the departure of several executives such as CTO Camille Fournier and Linda Honan (now of BBDO). The company has received over $400 million in venture capital from investors including Fidelity, Franklin Templeton, TCV, Bain Capital Ventures, Highland Capital Partners, American Express, and T. In 2016, the company began offering everyday clothing through a subscription model. A November 2009 article in The New York Times helped bring publicity to the company shortly after its launch. Hyman and Fleiss took her advice, and Fürstenberg signed on as one of the company's first designer partners. She was initially uninterested, and suggested that instead they create their own multi-brand retail site. Early on, Hyman and Fleiss pitched the idea to designer Diane von Fürstenberg as a rental service for her brand's website. Long term, her plan was to offer women unlimited access to a designer closet they could rent from on-demand. After seeing her sister overspend on an expensive new dress for a wedding, Hyman had the idea of offering dress rentals for women for special events. They regularly met up to discuss entrepreneurial ideas, one of which was Rent the Runway. In 2007, Hyman and Fleiss met as sectionmates at Harvard Business School. It was founded by Jennifer Hyman and Jennifer Fleiss, who launched the company in November 2009. Rent the Runway is an e-commerce platform that allows users to rent, subscribe, or buy designer apparel and accessories.
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