Think of it as Diane Von Furstenberg Meets Netflix.
A pair of recent graduates from Harvard Business School have started a new business, Rent the Runway, that allows women to rent high fashion dresses for $50 to $200 for four nights. The dresses are mailed out and returned by mail much like a Netflix DVD.
Co-founder Jennifer Hyman tells the New York Times she got the business idea after watching her younger sister consider buying a very expensive dress to wear to a wedding, a frock she would likely only wear a couple of times.
Some interesting aspects to this business include:
- On-call stylists advise customers on material selection how a particular dress might hang on various body types.
- The service is invitation-only.
- For just an extra $25 customers can choose a second style as a backup.