More Coming to Rent The

July 19, 2010 • Fashion


Founders Jennifer Hyman and Jennifer Fleiss


The secret is out on Rent the Runway.

Even though the website for renting expensive designer dresses and accessories launched only last November, it has already raised $10 million from Highland Capital and $5 million on top of Bain Capital's $1.7 initial seed investment. 

Headquarters has even raised enough money to move from its old print shop to a 9,000-square-foot office in New York's Tribeca. The company isn’t expecting profits for a while, but Hyman and Fleiss, both former Harvard Business School students owning the majority stake in the business, estimate $6 million in 2010 revenues and over $20 million in sales in 2011. 

Jennifer Hyman, chief executive officer and co-founder of Rent the Runway, and co-founder-president Jennifer Fleiss emphasized that designers and consumers believe in their business model. They said since the launch, Rent the Runway has attained 500,000 members, adds 20,000 new members per week on average with little marketing and features products from 100 designers. The site will double the number of items offered for fall by boosting the buy from labels such as Proenza Schouler, Matthew Williamson and Kenneth Jay Lane, and by adding Calvin Klein, Nina Ricci and Moschino.

-Taneisha Jordan

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