The company allows luxury retailers to reach a larger audience by making couture dresses more accessible and affordable. Now, the young woman interested in fashion, but on a budget can wear that Oscar de la Renta gown. Serving as a "creative marketing strategy," the company gives designers and their pieces exposure to a new generation, and if that generation likes what it sees then it will come back for more (The New York Times).
With the convenience of online shopping, Rent the Runway gives the chance for women to opt for a more unique and "fashionable" dress for their event, rather than having to shop at chain retail stores and buying a discount dress.
In the times of economic recovery, luxury brands have been inaccessible to the new generation of fashionable women and have been limited to the affluent shopper. With the introduction of Rent the Runway, these luxury brands are now more affordable and appealing to those women on a budget who have a fetish for Diane Von Furstenberg.
http://www.renttherunway.com/sites/default/files/001_nyt.pdf
Jennifer Hyman and Jennifer Carter Fleiss did an extremely great job in creating this company, for now a lot more people can afford these dresses. They not only were successful in gaining a lot of profit, but the consumers finally felt accomplished in the sense that they were able to wear their "dream" dress without having to spend a ton of money. Wouldn't you agree that this company drew so much attention, that it influenced so many other people to do the same? Today, this is not the only company doing this; there exist a number of them all over Los Angeles and New York. However, this makes it more difficult on the companies because with more stores opening up this new business, there is more competition. All in all, these two graduates from Harvard set a great example in the retail world because they were able to attract a number of customers, giving them great deals for beautiful fashion.
ReplyDelete- Tania Dabdoub
One question: Do they do men's suits?
ReplyDeleteRetailers have never felt the need to tap into the fashion-savy man who needs that Versace tux. I know I had that problem looking for one for prom... But seriously! Men have to look just as good as women do and its pretty easy for a man to go wrong with an ill fitting tuxedo he bought years ago. I think the same business model that Hyman and Fleiss could be a success for men as well.
-Colin
I actually looked at this site for a prom dress! (Sorry Colin, I don't recall seeing a men's part of the website) It was really cool and quite the innovative idea. It kind of eliminates that old story or joke you'd always see on a television show where someone buys something to wear for one night but leaves the price tag on as they don't actually have the money to own the gown or cocktail dress. From what I remember of the site, it didn't have much variety, so i hope they've been expanding and i'm sure they'll continue to be successful even as economic times are getting a little better.
ReplyDelete--Leah stoltz