What's Behind the Exodus from Rent the Runway?
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Re: What's Behind the Exodus from Rent the Runway?
#2Wow, the CEO sounds extremely out of touch with the company culture. If your company has a Facebook group for ex-employees to come together and process their terrible experience working for you, there's a problem regardless of if you're able to admit it to yourself.
[Edit] Also, what happens if I rent a dress and hate it? Suddenly I'm two days out from an event with a dress that looks terrible and that I've spent $150 on with nothing to show for it. I'd rather take $150, go to Nordstrom, and buy a dress that I know looks good on me because 1- I've tried it on and 2- I have gotten it tailored. Off-the-rack dresses/formalwear rarely looks amazing on anyone without a little tailoring.
Re: What's Behind the Exodus from Rent the Runway?
#3"Rent the Runway has been valued at $500 million. It asked Fortune not to publish this story because it could hurt the company’s ability to raise money."
It's not the media's job to help you raise money, it's their job to report the facts. And frankly if your executive churn is that freaking high and so many prior employees have issues like they seem to, you probably shouldn't be raising money.
Also, this might just be me, but does anyone else miss the good old days when you'd start a business and your success was determined by how much money you actually made, not how much money you got a bunch of investors to give you, just to burn on fancy offices and expensive toys, then crash the company in a few years and retire to write a book? This whole system seems incredibly screwed.
Re: What's Behind the Exodus from Rent the Runway?
#4Things you shouldn't say to reporters:
> [Rent the Runway] asked Fortune not to publish this story because it could hurt the company’s ability to raise money.
Re: What's Behind the Exodus from Rent the Runway?
#5Wow, the CEO sounds extremely out of touch with the company culture. If your company has a Facebook group for ex-employees to come together and process their terrible experience working for you, there's a problem regardless of if you're able to admit it to yourself. [Edit] Also, what happens if I rent a dress and hate it? Suddenly I'm two days out from an event with a dress that looks terrible and that I've spent $15…
Chances are the CEO doesn't know about such a group.
Re: What's Behind the Exodus from Rent the Runway?
#6"Rent the Runway has been valued at $500 million. It asked Fortune not to publish this story because it could hurt the company’s ability to raise money." It's not the media's job to help you raise money, it's their job to report the facts. And frankly if your executive churn is that freaking high and so many prior employees have issues like they seem to, you probably shouldn't be raising money. Also, this might just…
It's not the media's job to help you raise money, it's their job to report the facts.
Have you notified TechCrunch and the rest of the so-called tech "media"?
Re: What's Behind the Exodus from Rent the Runway?
#7"Rent the Runway has been valued at $500 million. It asked Fortune not to publish this story because it could hurt the company’s ability to raise money." It's not the media's job to help you raise money, it's their job to report the facts. And frankly if your executive churn is that freaking high and so many prior employees have issues like they seem to, you probably shouldn't be raising money. Also, this might just…
It's not the media's job to help you raise money, it's their job to report the facts. Have you notified TechCrunch and the rest of the so-called tech "media"?
Fair, but I said it's their job, I didn't say they all (or even most) did it well.
Re: What's Behind the Exodus from Rent the Runway?
#8Maybe I'm missing something but I always thought renting designer clothes has a limited market.
People who attend many special events a year where they need a new outfit for each one typically have the disposable income to outright buy their clothes or have companies borrow them clothes for the publicity.
The average person who goes to a few special events a year? You can buy a nice outfit for just a little more than what they're renting a designer dress for. And you get the keep it forever and wear it some time later.
The only time I've rented a dress was for prom and that was because it didn't make sense to buy a dress I was going to outgrow in a few years.
Re: What's Behind the Exodus from Rent the Runway?
#9“Given that Netflix is a $60 billion company—and we don’t have to watch TV or movies every day, but we do all have to get dressed—the potential for Rent the Runway was 10 times bigger than I ever thought,”
This sound like a terrible investment thesis?
It is ignoring all the differences between how you consume clothing vs media. The fact that there is physical distribution required vs digital.
OR am I missing something key?
Re: What's Behind the Exodus from Rent the Runway?
#10Wow, the CEO sounds extremely out of touch with the company culture. If your company has a Facebook group for ex-employees to come together and process their terrible experience working for you, there's a problem regardless of if you're able to admit it to yourself. [Edit] Also, what happens if I rent a dress and hate it? Suddenly I'm two days out from an event with a dress that looks terrible and that I've spent $15…
I still can't wrap my head around renting dresses - some kind of specialized costume I can understand (like spiderman or predator), but dress? They seem to be doing some revenue so it does look like a workable idea.
What happens to RTR if the big name brands with multiple physical stores start renting dresses too (I don't know if they already do it or not)?