Now men can "rent the runway," too

In September, CBS News was the first to go inside Rent the Runway, where women choose from thousands of designer dresses to wear once without buying them. Guys are also getting a shot at affordable glamour, thanks to a men's fashion start-up looking to capitalize on a $1.2 billion dollar market, reports CBS News correspondent Carter Evans.

The rented tuxedo gets a bad rap, but to buy a more suitable option can set you back $1,000 or more.

"We want to make a real dent in this industry and actually allow people to rent a tuxedo that they want to wear," Patrick Coyne said.

When Andrew Blackmon asked Coyne to be a groomsman in his wedding, Coyne was going to need a tux, so he did what most guys do.

"We rented from one of the big-box retailers and just had a really poor experience," Coyne said. "And what we realized is they don't focus on quality; everything is polyester, shoes are made out of plastic."

A lesson in what not to wear turned into a business plan for The Black Tux -- high-quality tuxedos at a low prices for rent online.

"I think we live in a different age of business, where big brick-and-mortar companies can be disrupted very, very quickly, and a lot of that has to do with the Internet," Coyne said.

GQ magazine style editor Will Welch said they're coming in at just the right time.

"People are more comfortable than ever at shopping online, or even in this case renting online," Welch said. "There are more options than ever."

He said a lot of guys are looking for a more fashion-forward fit, but getting the right fit over the Internet might be a challenge.

"If you're buying shoes online or with glasses, that's easy, but with suits and with tuxes, you know, asking guys to measure themselves, or asking guys to go someplace to get measured, it's a very tricky situation," Welch said.

The process involves providing your height and weight and selecting from different body styles.

Chris Thompson has rented from The Black Tux three times.

"No issues whatsoever," Thompson said.

His wife compares The Black Tux experience to the more traditional option they used for their wedding.

"There were 12 groomsmen who all needed to go, get their measurements, then go pick it up, then return it," she said. "I mean -- that was a nightmare. I remember the day after the wedding, we were trying to locate all the tuxes to get them back to Men's Warehouse so no one was charged."

With The Black Tux, everything ships out a week before the event, along with a return label.

When it comes to quality: "100 percent wool, 100 percent cotton," Coyne said.

Blackmon and Coyne said that by designing and manufacturing in-house, they're able to rent out a $1,500 tux for as little as $95 bucks, adding that it's a large market.

"In some ways, it's just a market that needed to be transformed," Blackmon said.

The 2-year-old start-up recently raised $10 million in venture capital funding and plans to quadruple the size of its warehouse next month.

"It's really grown completely (by) word of mouth, and that caught us by surprise, but that's a great surprise to have," Blackmon said.