Dress rental exec: Facebook part of success

(CBS News) The rise of social media is one of the reasons why women are renting dresses, according to an online clothing rental firm executive.

"People are renting statement dresses, one shoulder, hot pink, that they're only going to wear once, have everyone give them tons of compliments and then they don't need to wear it again," Rent the Dress co-founder Jennifer Fleiss said Tuesday on "CBS This Morning." "And especially with things like Facebook, where everyone really is their own celebrity these days, women constantly need new things."

After less than three years in business, her business Rent the Runway has 2.5 million members, and offers 150 top designers' dresses and accessories.

Fleiss, a Yale and Harvard graduate, discussed what her company offers and how she and her co-founder Jennifer Hyman make the business work. Watch all that and more in the video above.