Rent the Runway launches new monthly subscription service
After seeing the business for its unlimited rental model increase 125%, Rent the Runway (RTR) has introduced a new four-piece monthly subscription service, RTR Update, which launches with a national marketing campaign.
Co-founder and CEO Jennifer Hyman said the company has "made clothing rental a utility in women's lives." She noted the subscription business "is up 125% year-over-year and is projected to triple in 2018."
To meet that need, RTR Update was born. Customers can pay $89 a month to have four pieces delivered from RTR's 200 brand assortment. Shipping and dry cleaning are included.
In contrast to the unlimited service, the update is being sold as a more affordable way to get a wardrobe refresh through the company's rental model. Subscription also allows women to have a discount on rentals of the premium pieces around which the company was founded.
The new subscription service also serves the purpose of driving foot traffic in store. Subscribers can return their pieces in any of RTR's five retail locations. The principle is that, with a quicker turnover of rented pieces, customers will have more reasons to visit RTR's brick and mortar stores.
To roll out the new service, RTR has launched its first ever national ad campaign. The campaign features 15 and 30-second television spots which launch today. RTR also worked with popular illustrator Julie Houts for print ads in NYC subways to be rolled out next week.
RTR was founded in 2009 by Jennifer Hyman and Jennifer Fleiss. It has raised $190 million in venture capital and has physical stores in LA, SF, Chicago and DC, as well as a flagship in NY.
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