![]() ![]() It sparked Hyman and Fleiss' initial business model: renting expensive formal wear to women. The pair came up with the idea while at Harvard Business School, after Hyman's sister Becky went into debt buying a $2,000 Marchesa dress to wear to a friend's wedding. But at its core Rent the Runway is still based on the same premise that Hyman and cofounder Jenny Fleiss launched the business with in November 2009. The company's product offerings have expanded over the years, and now include office clothing, ski wear, kids clothes, and household items from West Elm. And COVID certainly has been the biggest crisis that Rent the Runway has ever had to go through." "The difference between a crisis and a normal day is just the quantity of problems you have to solve at once. The new plan, which restricts the number of items a customer can rent or exchange in a given month, was more aligned with customer behavior during the pandemic, and more financially viable for RTR, Hyman told CNBC. In September, the company rolled out a new tiered pricing structure to replace the "Unlimited," which offered customers access to a revolving closet of designer clothing for $160 a month. ![]() Visit Business Insider's homepage for more stories."There's no way to do the job of CEO successfully and be loved by 100% of the people with whom you work," Hyman said in a separate statement.Before this story was published, an attorney representing Rent the Runway and Hyman alleged that Business Insider was promoting "false pre-conceived narratives" about Hyman and admonished us for not revealing our sources.But that outspokenness has sometimes been received as that of a leader who can't handle criticism.The picture that emerged was of a smart, visionary leader who's proved to be resolute in a crisis and who has not been afraid to speak out about her experience as a female CEO in a male-dominated industry.I spoke with more than two dozen of Hyman's colleagues and former coworkers - and spent hours talking to Hyman - to see firsthand what it looks like when a talented entrepreneur confronts an unprecedented challenge.Hyman must now steer her startup through an economic recession and prove it can thrive in a post-coronavirus world.Rent the Runway cut staff, closed stores, and revamped its main product. Jenn Hyman, CEO of Rent the Runway, built a startup sensation valued as high as $1 billion by persuading women to rent designer clothing instead of buying new.Account icon An icon in the shape of a person's head and shoulders.
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