When Rent the Runway launched in 2009, much of its marketing revolved around working millennials. Now, with a new generation gaining spending power, the company is increasingly setting its sights on Gen Z.
This month, Rent the Runway is embarking on a university tour across the U.S. to position itself as an option for student formals, sports games and other gatherings. At the same time, Rent the Runway is relaunching its college ambassador program to have a greater focus on “content creation,” co-founder Jennifer Hyman told Modern Retail in an interview. The company also has a new tab in its app that highlights in-demand styles among college students, and it’s introducing a subscription tier that it hopes will resonate with Gen Z. The plan, which launched on Thursday, starts at $119 a month for five items and is “highly targeted for Gen Z,” Hyman said.
Rent the Runway gives customers access to designer brands like Jason Wu and Badgley Mischka for a fraction of the retail price. Still, the company offers more than formal wear. “I think it’s a misnomer about Rent the Runway, that it’s just for special events,” Hyman said. One in five of Rent the Runway’s customers belong to Gen Z, and they’re renting more casual clothes like denim, tops and day dresses, Hyman said.
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