Rent the Runway COO Maureen Sullivan is actually optimistic the partnership with West Elm will blossom along with also eventually evolve into additional areas as consumers’ mindsets shift with the times. “We used to say we think the future is actually 50 percent rented, 50 percent owned,” said Sullivan. “As our growth accelerates, we say maybe the idea’s 80 percent rented, 20 percent owned. I think there’s more along with also more forces at play right today culturally in which just make us realize you don’t need to own as much as we all have.”
Founded in 2009 by Jennifer Hyman along with also Jennifer Fleiss, Rent the Runway has evolved coming from a designer-dress rental service into a monthly unlimited clothing subscription service in which includes RTR Update, where members can rent four items a month for $89, along with also RTR Unlimited, which allows members to rent four items on constant rotation each month for $159. Through the West Elm partnership, subscribers will today be able to replace one of their items with one of the 26 home decor bundles.
On Monday, Rent the Runway was in Austin to provide a first look at the upcoming Rent the Runway x West Elm home partnership collection. The pop-up event, which was attended by more than a thousand people, wasn’t walking distance coming from the Austin convention center, the nexus of South by Southwest activity. Nor was the idea showcasing a celebrity or band, as many of the additional packed event spaces in downtown Austin. Instead, the draw was the offer of $80 off two months of RTR unlimited, which will soon include the West Elm products.