Rent the Runway, the online company that rents designer clothes to women everywhere, is now going into the home furnishings business. Rent the Runway was started by Jennifer Hyman and Jennifer Fleiss, who launched the company in November 2009.
Retailers are suddenly realizing that many young people don’t want to own anymore. They want to rent. They like the idea of frequently changing their environments. The concept is going to change the whole industry.
West Elm is one of the first to step up to this new idea. In fact, they just announced a partnership with Rent the Runway. The retailer will be targeting Rent the Runway’s 10 million members.
Rent the Runway members will have the option this summer of renting 26 different West Elm “bundles” of stuff like throws, shams and quilts. Folks will be able choose how long they want to keep the bundle or buy it at a discounted rate. Other home furnishings retailers will shortly be announcing their participation.