Greylock | Rent the Runway CEO Jennifer Hyman | Designed by Data @GreylockVC | Uploaded October 2022 | Updated October 2024, 15 minutes ago.
Rent the Runway CEO and co-founder Jennifer Hyman and Greylock general partner Reid Hoffman discuss the strategy behind the company's data-driven, online marketplace where people can rent or buy clothing. Rent the Runway launched in 2009 with the mission to democratize fashion. Over the years, the company has evolved significantly, keeping up with the many major shifts to the retail and e-commerce industries overall. Rent the Runway went public in 2021 and today works with hundreds of designers.
Fashion trends may be fleeting, but data, above all, is what has enabled the company to quickly adapt to what customers want – and what the business needs to do to stay strong. From the rise of mobile and the increasingly outside influence of social media on shopping, to changes in consumer preferences from subscription models or in-person experiences (and, of course the multifaceted impact of the pandemic on shopping), Rent the Runway receives hundreds of data points and is constantly assessing which metrics will guide the company to the next great product. Rent the Runway went public in 2021 and today works with hundreds of designers.
You can read the transcript here: greylock.com/greymatter/designed-by-data
Chapters
0:00 Introduction
1:36 Rent the Runway
6:12 Passion for the Vision
12:06 Co-Founder Dynamics
15:04 Listening to Feedback
20:38 Key Junctures & Changes
24:22 Data-Driven Company
28:56 Surprises in the Data
31:14 Rent the Runway Employees
36:23 Gender & Inclusiveness
42:28 Impacts of the Pandemic
47:45 New Patterns
51:07 Next Couple Years
Rent the Runway CEO and co-founder Jennifer Hyman and Greylock general partner Reid Hoffman discuss the strategy behind the company's data-driven, online marketplace where people can rent or buy clothing. Rent the Runway launched in 2009 with the mission to democratize fashion. Over the years, the company has evolved significantly, keeping up with the many major shifts to the retail and e-commerce industries overall. Rent the Runway went public in 2021 and today works with hundreds of designers.
Fashion trends may be fleeting, but data, above all, is what has enabled the company to quickly adapt to what customers want – and what the business needs to do to stay strong. From the rise of mobile and the increasingly outside influence of social media on shopping, to changes in consumer preferences from subscription models or in-person experiences (and, of course the multifaceted impact of the pandemic on shopping), Rent the Runway receives hundreds of data points and is constantly assessing which metrics will guide the company to the next great product. Rent the Runway went public in 2021 and today works with hundreds of designers.
You can read the transcript here: greylock.com/greymatter/designed-by-data
Chapters
0:00 Introduction
1:36 Rent the Runway
6:12 Passion for the Vision
12:06 Co-Founder Dynamics
15:04 Listening to Feedback
20:38 Key Junctures & Changes
24:22 Data-Driven Company
28:56 Surprises in the Data
31:14 Rent the Runway Employees
36:23 Gender & Inclusiveness
42:28 Impacts of the Pandemic
47:45 New Patterns
51:07 Next Couple Years
