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Jenny Fleiss on how she turned her fashion needs into a booming business with over 3 million members
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Come back everybody have a pretty -- the runway it's a great way to look -- -- walking the -- -- current Fashion Week.
From much less -- I don't have an event you don't wanna dropped 5600 dollars and -- bachelor once why not rent it -- actually it's fifty dollars.
I joining us right now is president and co-founder of rent in -- playing.
Any place thank you for coming on thing we have snow is Valentine's Day I would imagine your businesses spiking.
In preparation for excellence -- out tonight this is definitely a busy time brass every woman -- -- -- bash on Valentine's Day.
And we see people renting or read anything -- says yep and really -- having fun with this special occasion.
You started your business in 2009 point and in that time you have grown astronomically if you can define that growth -- and then tell us about how many members have right now -- millions -- we have three and a half million members right now.
And safeguard about a 100% your every year in all of our -- -- so.
Revenue is -- our employees are growing the number of dresses we carry.
And is crying and -- it's really been exciting journey for house -- found your needs obviously right you probably were frustrated really aren't aren't anything to where I have this closet full of clothes -- What I really -- where I don't really silly dropping them much money on this is very much based on personal experience yeah we realize that every woman has this closet full of clothes but nothing to -- -- -- beyond that there has amazing confidence and in feeling great when -- -- designer -- and so we really want to give woman that emotional feeling.
Of putting on something getting a ton of complements.
And is having a great experience with designer action so tell us how it works how you Renta dress how you get the right size how you operate this massive.
Network essentially sending dresses to an across the United States are so we have women come onto our web -- -- throughout my dot com.
And they can browse through a thousand different styles.
And they -- the -- that they love and making house which date they wanted to deliver we sending T sizes to ensure that perfect bet.
And when you're dining popping him out box and we take care of everything else is really that -- -- done it it really is that easing yeah I dancing we carry accessories as loud and stockings under Wear bras that -- south you really get.
Full head to tell us.
And -- -- suggestions for how to put everything together for how much.
You can get -- about a hundred dollars VC people getting addressed for maybe 75 they get an accessory for twenty dollars.
And then there's a small shipping and insurance costs and how long can you how to dress for.
People typically rent for four days you can rent it for eight days if you'd like.
And it's normally for a special events someone has so if they're going down on Friday we send the drafts of their home Thursday morning and then they pop in the -- after the weekend.
Fashion Week probably plays a big part in -- Where you find the dresses that he and the designs that you want to showcase and rent out so how do you work with.
Within fashion.
-- really fun time Pratt's we have our fashion team going to all of the -- shows and they're looking at the designs and picking out what they think we'll be an exciting for our customer.
And a lot of times women are renting the really right dresses the sequin dresses things that are.
One -- you're not gonna buy it because you realize you're wearing -- -- -- -- look great get it's kind of compliment.
And then you know you don't need to Wear it -- So they're going to the runway shows picking out -- styles but -- we actually the interest board.
Where we have our consumers voting on what styles they like that's -- really interactive process where we asked our own users to tell last.
What do you think we should -- right.
Excellent point did the Oscars and some of the big they can grannies planes that your decisions as well -- everybody wants that dress that beyoncé or.
Whoever just -- absolutely -- -- always looking at the trends on the red car that and then after the shows we'll try to pick out out of our dresses.
Which ones resemble the different look than celebrities wore.
And typically we have many different items that aren't trend with but the celebrities are wearing those dresses just fly off the shelves when you say to people who say you know -- for a hundred dollars.
I'd rather spend 200 -- alone.
The -- Because there's a good sale going on -- Bloomingdale's I I can buy something very similar wouldn't say that I think that you know that does happen there's a little bit of personal choice that our belief.
Is that address that cost 200 dollars is more in the fast fashion space or it's not as high and -- justice -- -- The dresses the offer typically -- around a thousand dollars retail value.
And so to rent that for about a hundred dollars to get to actually feel -- the designer dress -- the Fed is better.
You're getting more complements you have that self confidence so we really are trying to educate women about designer fashion -- giving them the chance to.
We're really special designer piece that I would need about three shifts so we do not let you all to the gas but because he's and the -- and she sizes.
We find that that helps a lot and we actually launched a feature her -- -- our runway where you can -- the photos of real women of C could go and say you know I'm 54 here's my high -- my weight my bus sized.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Click in and rent the -- that she's very social.
-- Alleges.
That -- Atlantic it just it flanked.
-- you act.
Sorry went to -- to people complain.
At all of our you know we haven't we have a great customer base in the -- take a lot of care.
With our customer -- -- styling team and -- and the women -- stylist they are answering any concerns questions complaints.
But there hasn't really giving advice on what's gonna work and my body -- like I've never worn designer dress before.
Lake which tightening in the end is this gonna -- when we're experimenting in the country and they're my they're stepping -- at a conference on trying -- design as they're trying.
A different price points and -- do so they need that guidance of a -- that we offer that was my question sizes.
How do you figure out on -- need.
Five -- zeros.
Eight -- -- and then all the way up and down again how do you determine it's really it's really interesting part of our business he had an analytics team.
There's six people on that team right now.
And they are looking -- a lot of inventory planning questions so.
With the amount of money spent on inventory it's really important to be as accurate as he can on the size makes the style next -- this team analyzes the data we have from past -- adult.
And for Jack's going -- What size combinations how many red black long short which fabrics which designers -- price points and with all those variables -- -- And then -- near that with what our fashion team is picking out so.
They really have a set -- instructions when they go to the market to you get that right most of the time -- size offerings are worried are you surprised by the consumer.
You know it's pretty good now so we're three and a half years into our -- -- And and I think we've got it down pretty well there's definitely been learning.
Our average customer is on the smaller side than we initially expect dead so we continued Alter what we have a crank.
What is nice.
Your three years and now all of -- more than them what advice would you give to other small businesses out there what struggles did you -- -- all this -- business school right yeah I started this kind of -- my co-founder out of Harvard Business School.
And -- it always been my dream to be an entrepreneur and it was about him the right market timing and also there right concepts so.
-- I think those are two important factors to look at.
But I -- and generally -- go for it like if you -- the entrepreneurial bug and you have sending your passion about you believe then.
You're gonna learn so much tried out worst case.
Any year two years you'll find something else and you'll have learned a lot.
And it also.
The investment.
The company needs is to say I don't know cuisine in some cases -- -- -- -- -- savings into your yeah I think yes and now I mean I think that there are ways to do without putting a ton of money into -- so.
You can be fairly scrappy upfront -- know that we got a lot of things on a contingency payment they says.
So being really scrappy and thoughtful.
But also given the way the economy is right now.
The job offerings are -- so the opportunity cost of pursuing an entrepreneurial thing is not cute.
He go to business school and you invest -- not education -- give up a couple of years of -- a you know you could argue that you're learning more of the same amount from trying out a company.
Ten flights thank you so much saying you know read this -- not -- well above Valentine's Day as well as fast meet your website on the screen.
