Rent the Runway
Excellence Test Score 11/26
Nearly 1 million new members a year!
The Netflix of Designer clothes.
Few working women can afford to have a wardrobe full of designer gowns and accessories. That’s where Rent the Runway comes in. The brainchild of two Harvard Business School classmates, the ecommerce site rents designer clothing and jewellery for a fraction of what it would cost to buy it.
A Versace dress that retails for £1200? Yours to rent for several days for just £150.
The New York City-based company even includes a second size of the same dress for free. Once a customer has worn the item, she simply packs the clothing up in a prepaid envelope and sends it back to the company. Rent the Runway takes care of the dry cleaning and any minor repairs.
In five years the company has garnered more than 4 million members who rent party, wedding, Halloween, prom and other special-occasion dresses.
This company has combined the cultural movement towards sharing (rather than owning) with the technology to facilitate the business.
Small, motivated, talented teams focusing on a simple goal – achieving remarkable things!
What can manufacturers learn from high-growth industries?
The contents of the Excellence Test have been distilled from extensive study of more than 50 high-growth companies from both within and without the manufacturing industry. High growth often comes from the tech industry, but you don’t need to be online or work out of swanky offices – many of the core fundamentals born from these industries can be applied to manufacturing and industrial companies: