© Rent the Runway
Harvard Business School section mates Jennifer Hymann (Jenn) and Jennifer Fleiss (Jenny) came up with their brilliant business idea for their fashion website « Rent the Runway » as Jenn identified a niche for the rental of top-notch designer dresses for special occasions.
When Jenn’s fashion savvy sister Becky, an accessories buyer at Bloomingdales, faced the struggle of many young women: what to wear to a wedding and how to afford the expensive designer dress of her dreams without breaking the bank. This is when the idea for « Rent the Runway » struck Jenn. She thought that there must be a way to help young fashionistas like her sister solve the problem and that there is probably a huge demand for said solution.
Jenn and her friend Jenny started discussing the idea over and over again feeling certain that they were on something big. Several business plans and some discussions with their mentor Diane von Fürstenberg later they launched Rent the Runway in October 2009.
The Rent the Runway concept is simple as this: you become a member. You browse their inventory by designer, event or style. You make your selection and the dress will be delivered to your doorsteps just in time as per your order. Those of you in NYC might be interested to know that they even offer asame day delivery in NYC for those that love to decide on short notice.
After you have worn the dress you return it with the pre-labeled return envelop and they will take care of the dry cleaning etc. Prices for a 4 -day rental are 10% of the retail price and vary from USD 50 to 200. You will receive the dress in two sizes. If you want have a choice you can even order a so-called backup dress meaning another style at a reduced rental fee.
Each delivery comes with a complimentary Fit Kit to ensure everything sits and drapes in the right places. Currently, Rent the Runway offers about 40 designers and 160 different styles. But their inventory is growing fast. And they even offer you complimentary stylist advice on what to wear and how to wear it.
Sounds great? Unfortunately Rent the Runway is members only for the time being. But you can fill-in a membership request as there is a waitlist. Further the service is so far US only but there is hope for those of you in Canada!
Isn’t this a wonderful, recession-proof idea to enjoy some expensive piece of high-end fashion without the need to worry about your finances? We love the idea and we are sure that even your significant other will approve of it. One could almost consider it an eco-friendly business idea.
But go and see for yourself. Enjoy!
You might also like to read:
share this:
Candice Edwards-Marchrones, a 23 year old woman from Manchester, UK owns and runs the popular fashion website The Student Boutique («TSB»).
Candice only recently completed a degree in media and performance at The University of Salford, UK in 2009. Her goal at TSB is to offer reasonably priced high fashion clothes to fashion conscious women all over the UK. Candice slogan is «student fashion - student prices».
Because we found Candice’s story as a young entrepreneur fresh out of university to be particularly interesting we have asked her a couple of questions to share her story with you. Please find hereafter our Q&A with her. Enjoy!
What makes The Student Boutique unique also with regard to the many fashion chains for hip yet affordable fashion such as H&M and Zara?
The difference is that we will cater more personally to the « modern day fashionable student », giving special offers and plenty of discounts. We really have an understanding of what students want and need.
Was there a triggering event, how did you come up with the idea?
I was studying my degree and I felt a frustration with no one that catered just solely to the student market. This is when my idea came about.
How long did it take you from the idea to the launch?
It took me about a year. My ideas kept changing, and then I tried to get funding but failed. So I thought I don’t need the funding, I will use my own money and see where it takes me!
Do you only ship in the UK?
At the moment yes. But I also have an e-bay shop, which ships internationally. I plan to get a new website- which can ship to anywhere.
Doesn’t shipping eat up the bargain?
The Customer pays for the postage like on every other website I visit. That’s what is expected. But paying the postage is worth it if you can find something that no one else has! Every now and then I offer free postage – so keep your eyes peeled!!
How would you describe your typical/ideal customer?
A student who works as well as studies - and likes to party and have a good time - making the most of her time at university.
Where you do you source your products from and do you own the stock?
Yes, I own all my stock, which I purchase from wholesalers in Manchester.
What’s your bestseller, if any?
My bestseller was a butterfly maxi dress. It absolutely flew out. The print was so pretty and bright and really flattering on the body. I loved it so much I had to keep one for myself!
What does it require for a product to be sold via your website, do you have any do’s and don’ts ?
I really focus on price. No matter how nice a dress is, I put myself back into my mind when I was a student- and I think: ‘Could I afford this?’ Students don’t have money to burn, so that is my main priority!
Secondly, I will not buy stock that a wholesaler tells me to buy because it’s his best seller. They often try to make me buy stock that I cannot sell to students (unfashionable/ frumpy). So I have to be very strong-minded, and try not to be pressured into buying items that are not fashionable.
Are you running a „one-woman-show“?
At the moment it is a one-woman-show! But I don’t want it to be! Once it starts to take off I would love staff! I would be silly to think I can do everything all by myself.
Did you always want to become an entrepreneur?
In my second year of university, I decided that I wanted to work for myself. So I began researching how to run a business, and threw some ideas around and The Student Boutique is the one I liked the most!
What does it take to become/be an entrepreneur in your view?
Passion for what you are selling- being enthusiastic, being focused on your end goal- wanting to put 110% into it. And shear determination to make your idea a reality.
What has been the biggest challenge?
Trying to make this work with not a lot of funds!
What has been the most exciting moment so far?
When I was out on a night out and girls recognized that I was the girl who ran ‘The Student Boutique’. It meant that my hard work of trying to spread the word out about my brand was working!
Any lessons learned?
‘Customers will buy for THEIR reason- not yours’
What advice would you give other aspiring entrepreneurs?
Just keep trying- and make sure you have a passion for what you are doing- otherwise you will get bored!
Do you have any role models?
JLO, she has her hand in every pot and is a very successful business woman!
What’s your vision for The Student Boutique in 10 years from now?
In the future I plan to sell graduation/Prom wear and eventually men’s wear.
To make The Student Boutique a recognizable brand that all students turn to first!
Isn't this another inspiring story of young entrepreneurship at its best?
You might also like to read our entry on:
share this:
© mygreenlipstick
In November 2008 Naomi Chappell launched her fashion website mygreenlipstick, which is dedicated to ethical and sustainable fashion.
With a background and training in design Naomi began her career in the magazine world. Fashion features and photography were always her favorite pieces to work on and with a good eye for color, shape and design and a love of fashion this was the perfect avenue for her to take.
mygreenlipstick is only a year old but the range of handpicked items is quite respectable. You can browse mygreenlipstick by ethics, product or designer to find exactly what you are looking for. They operate a click through process to the information so that customers are not overwhelmed with information; they are able to simply shop but have access to the information if they want it – a kind of «big sister» approach! We like what they have selected so far. But go and see for yourself.
If you like Naomi's approach, you might also like our entry on vegan footwear for women by US label olsenHaus or on eco friendly gift ideas.
If you are interested to learn more about Naomi’s entrepreneurial journey, please read our Q&A with her hereafter. Another truly inspiring story.
Enjoy!
What made you decide to start an eco-fashion business; was there a triggering event?
With all the concerns in the news pertaining to our environment I began to look at ethical fashion myself and I thought it would be a great idea to bring together an ethical fashion collection, from numerous designers, in one place so that it would become more readily available for women around the world.
Was it a difficult decision to give it a try?
No, not at all, it was a passion of mine and so it was exciting to tell other women about the choices available – I have every faith that we all want to contribute to climate change and what better way for women to start than in Fashion!
What motivates you?
My motivation comes from women who were not aware of the gorgeous choices we have in Ethical Fashion suddenly realizing that they can look stylish and still care for their environment; it’s really satisfying when a customer begins to think ethically and thinks about the content of the pieces she buys in the future.
Did the current economic situation influence your decision to start an online shop?
Starting a business in a recession can be tough but it offers great opportunities too! Suppliers are keen to sell their brands so we have been able to hand pick all our suppliers.
Any lessons learned?
We are always learning but one of the most valuable lessons has been that to use real models is much more effective than mannequins!
What has been the biggest challenge?
The biggest challenge has been to gain awareness of the brand in a cost efficient way.
Is it difficult to convince the brands to sell online and to join your platform?
The brands that we have are very happy to be a part of mygreenlipstick as selling online reaches customers all over the world as we are a dotcom. They have all been delighted, even eager to be a part of this site, as it is very clear about it’s ethics and allows the customer to search ethically, for example fair trade, organic, recycled etc. or by designer.
How does it work: Do you buy inventory or is it on a commission basis?
We generally buy stock, although we do sell on a commission basis for some of the smaller designers to give them a platform for their designs.
How do you select the brands/designers and what about emerging labels?
We love to support emerging labels. We select our collections by both philosophy and design and try to share all of this with our customers.
What’s your mission and where do you see mygreenlipstick in five years from now?
Our mission at mygreenlipstick is to introduce women to fabrics & ideas that they may not yet have considered. The site offers the familiar fabrics such as silk, cashmere, organic cotton & bamboo but it also introduces them to llama, alpaca, peace silk, recycled cashmere, up-cycling & many more ideas that will update their wardrobes in an ethical way.
Any dreams, a brand you would love to list or any plans to expand into other areas?
We are always expanding and there are many ideas in the pipeline. We have recently launched our own up-cycling label, which takes vintage garments and re-designs them, adding vintage lace and fabrics along the way. We have also introduced the mygreenlabel boutique where designer labels that were on their way to the landfill are re-routed!
What has been the most exciting moment so far?
There have been many but it’s always a great feeling when we get repeat orders as it shows that we are satisfying our customers needs!
Any advice to other aspiring (web) entrepreneurs?
Plan, plan, plan, and get a good team of web designers behind you so that as you learn you can adapt your site accordingly.
What does it take to be an entrepreneur from your point of view?
Hard work and commitment with a capital C!
Do you have a favorite quote?
‘The entire ocean is affected by a pebble’ – Blaise Pascal
We have adopted this quote as it says all that we hope for. Women rarely change their entire wardrobe in one go but by gradually adding to it - ethically – they are affecting the great ocean that is climate change and beginning to think differently, a step at a time.
Isn't this another truly inspiring story?
NB: You might also like to read more on eco friendly gift ideas, great vegetarian restaurants, eco friendly clutches by Khrisna Justo's fashion label KIAJA NY and the inspiring story behind, beautiful vegan footwear by the US fashion olsenHaus and the inspiring story behind or vegan bridal fashion by new fashion label Blushless including the inspiring story of its founder and designer Liv Lundelius.
share this:
© Style Treasure
Mona Affifa owns hip online fashion boutique Style Treasure. Her mission is to showcase young unknown design talents that offer some great, unique and reasonably priced fashion.
Frustrated by the brit and mortar boutiques preferences for the established very expensive top notch fashion labels Mona decided to establish her own boutique dedicated to the many young emerging labels in the Middle East. If you are interested to learn more about Mona’s story and how it came all about please read our Q&A with her hereafter. Enjoy!
What were you doing before and why did you decide to start your e-shop?
I was a journalist for the past 5 years. I studied journalism at the American University in Cairo, was editor of its newspaper and knew immediately that I would want to be in that career after graduation.
After graduation I worked for a year at Cleo, which was Egypt's topglossy English language lifestyle magazine at the time - followed by 4 years at Diva magazine of which I was the Editorial Director.
Although I loved investigative reporting I found myself being pulled to the fashion world. I did Paris Fashion Week for three years and found great pleasure in fashion writing.
Did you always dream of starting your own business one day or did it more accidentally happen to you?
I've always been the type that had constant business ideas and for some time I daydreamt about having my own business.
It all came into place when my friend from Lebanon - a former PR manager for an international fashion designer - moved to Cairo with her husband and we started a Fashion PR company together which we called « Shine Communications ». Basically we did (and still do) PR, media and distribution for young designers from the Middle East.
It took so much effort to convince the local stores (still in love with top notch four digit priced brands) to take a look at cool, good quality pieces from young Arab designers that were reasonably priced. While some stores eventually saw the potential (and proved our theory correct by amazing sales)most turned down one gorgeous brand after the other!
That was very frustrating for me and I kept complaining to my husband that these brands would be a hit if given the correct publicity and shown to their potential customers so one day he just said 'so why don't you sell them yourself?' My reaction was 'but I don't have the time or the desire to manage a boutique' so he reminded me that I've been an online business advocate for several years so the idea popped and never dropped ever since!
How did you do it? Are you one of the many « solopreneurs »?
I started with the legalities and proposed partnership to Sherifa Mahmoud, a friend who is known for her great eye for fashion, a passion for discovering new brands and lots of dedication. She has been handling the majority of the buying so far. Not only does she have great taste but is also quite business savvy and much better with numbers and financials than I am, even though we're both quite terrible.
How would you describe your mission and vision for Style Treasure?
From the start we agreed that there are numerous boutiques in the Middle East selling all the high end brands but not many offering unique brands that are not budget breaking, so the theme is « Unique, Good Quality and Reasonably Priced ».
Which brands can buyers discover at Style Treasure?
While we looked oversees and came back with brands like the US' CC Skye accessories and India's Ranna Gill evening wear, the majority of our buying came either locally: e.g. sky-rocketing local designer Amina Khalil and society favorite Sarah Abaza Jewelry, or regionally: e.g. Dubai's golden girls Dina and Rima Zahran with their multi-category fashion brand DINZ, C By Cynthia - gorgeous leather clutches from Lebanon's Cynthia Bouchakjian Dounikian, former beauty queen-turned jewelry designer Joanna Laura Constantine, creative maternity and children's wear Bellybutton Couture also from Lebanon and beautifully hand embroidered pieces from Iraq's Dandoosha! - just to name a few. All of these emerging brands proved to be popular and clients accepted and admired them quickly even though they hadn't heard about them before.
When exactly did Style Treasure go live?
We launched exactly two months ago (in August 2009) and my partner and I are proud of the clientele and publicity we have attracted so far.
What have been your biggest challenges so far?
Challenges mostly revolve around being Egypt's First Online Boutique,which is the slogan we are really proud of. However, being first always comes with some issues, which in our case involve lots of people either not understanding the concept of online shopping or being scared of it. What if it doesn't fit, what if my credit card gets hacked etc. So the solution we are offering is a products and Cash on Delivery exchange service in Egypt and another 18 countries around the Middle East and Europe for those who do not wish to pay by credit card.
What’s your vision for Style treasure’s future?
My partner and I strongly believe that virtual stores are the future and we are positive that as time progresses our clientele will expand outside the Middle East and that our business has lots of potential to grow.
Why now?
In the online world, it's now or never! Not only are we proud to be pioneers in this type of business in Egypt but I believe that online businesses can never wait. I also got pregnant right in the middle of the legalities (nausea at the lawyer's office, fatigue at the National Registrar and close faints while meeting with the accountant were my life story), now that I'm two months away from delivering my first baby girl, I realize that if I hadn't started this when I did, I probably would've never had the chance to go through with it -not any time soon at least.
How do you identify the designers?
Many of the designers we work with we got to know through my work at Shine Communications, others were scouted for by my partner, Sherifa, who happens to have a very strong eye for fashion brands that will be commercially successful.
Some of our best-selling brands had contacted us themselves and have quickly proved their success. During my work with Shine Communications, I watched one too many boutiques decline several brands which I saw as very promising, out of either lack of attention or concentration, and I promised myself that I would always give any approaching brand a serious look before making a decision.
How can aspiring designers apply? Are you open for non-Arab design talents?
Aspiring designers can send their latest line sheets to info [at] style-treasure [dot] com. My partner and I are always open to any talented designer who offers a high quality, creative and moderately priced brand, no matter what their nationality is.
How many employees do you have - if any?
I am proud to say that my partner and I have been doing all the work ourselves so far. At first we planned to have the fancy office and office manager and all that but then we realized that you have to start small in order to be able to save some money for other business aspects and therefore eventually grow. Of course we outsource our legal work, accounting and IT work, but otherwise Sherifa and I do everything ourselves.
Any advice to aspiring entrepreneurs and/or fashion designers?
My advice to aspiring entrepreneurs will be stolen from a famous Hugo Boss
campaign: "Don't Imitate, Innovate!"
Not only is it uncreative to simply copy an existing business type/model, it is also not very smart. Instead of liking an existing project type and copying it - why should I buy from you when I already buy it from the company/brand that did it first? Either come up with something brand new that the market actually lacks and will welcome or bring in your own experience and creativity and add something major to an existing business type. I am never impressed by business copycats, no matter how much capital they invest or how much publicity they create for themselves.
As for aspiring fashion designers I ask them to work professionally; i.e learn how to make look books /catalogues, find a way to produce in a way that allows them to sell in wholesale prices and to give attention to quality not just the appearance of their produce - if they want to find their label at decent stores. The good news is that all markets welcome new ideas with open arms. Again, 'Don't Imitate, Innovate.'
Any role models?
My life role model is my mother who always managed to juggle a family life with her diplomatic career and still end up getting hats off from both aspects of her life. I have learned from the balance she achieved and while I do work hard, I never allow work to affect my family life and hopefully I will continue to do that after my daughter is born.
My husband is also a role model for me, his opinions are always wise and moderate and he tends to work and achieve in silence, which is something that I have come to appreciate.
My business role models include every creative hard worker who works with devotion and passion while not losing track of other important things in their life.
Any favorite quotes or business books?
I would've loved to throw in a fancy title fora business book that I have read that has inspired me, but even though I'm a proclaimed bookworm, I have yet to read a business book!
As for my favorite quotes they would have to be 'It's now or never' (I'm not sure if this officially qualifies for a quote) and 'When there's a will there's a way.' We only live once and there is no time to waste, if you have a goal in life and all necessary elements are available then DO IT!
share this:
© Fustany
Young Egyptian Amira Azzouz recently launched her fashion platform Fustany (=Arab for dress). Amira used to work for a Fashion portal for women in the Middle East and currently does a Masters in Communication Engineering.
It all started with the idea of having a place for designers and boutiques to advertise but in a new way. Thus, at Fustany every designer, (online) store and magazine has a profile covering pictures of collections, latest news and interviews.
Please read our Q&A with Amira hereafter to learn more about her entrepreneurial journey so far. Enjoy!
What made you decide to create Fustany?
I think of Fustany as a place where I can unleash my creativity and energy.
How do you select the designers?
All the designers featured are either famous trendsetters on a national/international basis or show great potential.
Can users buy on your site?
No. But they can let us know the item they are interested in and we direct them to the nearest boutique, online store or get them in contact with the designer.
Where are the majority of your users based for the time being?
Middle East, Europe, Canada and USA.
Any lessons learned?
Not to give up easily, to be patient and if you believe in something you just need to go for it. Don't let anyone discourage you or push you down.
What motivates you?
Knowing that I can always do better keeps me focused on the future.
Any particular wish for Fustany's future?
I would like to showcase designers from countries that aren't known in the fashion industry and encourage more Arab designers to show how talented they are.
What has been the most exciting moment so far?
The feedback after the launch - e.g. the launch of the Lookbook.
Do you have any role models?
I have several role models but also hard working women in general, who prove themselves, excel and reach the top.
What does it take to be an entrepreneur from your point of view?
A hard working person, who knows how to be creative with something he/she loves and how to be different; someone with dedication, persistence and courage.
Any advice to other aspiring (web) entrepreneurs?
Never give up, have faith, work hard and hopefully you will succeed.
Anything else you would like to mention?
If you are a talented designer or if you own a boutique and like our concept, please contact us at info@fustany.com
share this:
© Fashion Republik
Nadine Fares Kahil established Fashion Republik, her online boutique in 2008 because she simply felt the need to portray the artistic side of the Middle East since the region provides a rich ground for creativity, originality and innovation.
Thus, Nadine's mission at Fashion Republik is to encourage and promote the works of Arab designers internationally by featuring a unique and exclusive selection of garments, apparel and accessories designed and produced by talents from all over the Arab world. At her shop you can for instance buy the awesome MOJO handbags we feature on our bags section!
Because of Nadine's interesting story, we have asked Nadine for an interview. If you are interested to learn more about her entrepreneurial journey so far, please read our Q&A hereafter. Enjoy!
What were you doing before and why did you decide to start your e-shop?
I have always been drawn to fashion. And throughout my career as a journalist, I found myself more and more involved in that world - especially when I was the Beirut Editor for Skin Magazine, covering fashion news and features about local and regional fashion brands,designers and boutiques.
That’s when I mostly met a lot of interesting people with genuine talent and a remarkable passion for creativity. I then realized I had an urge to tell the world about their works and spread the word beyond local boundaries - and what bigger window to the world than the Internet?
I know that the concept of an online boutique is no novelty, but none of the existing online shopping sites focused on Arab designers with an aim to showcase their art on an international level. I simply wanted the world to see what the Arab world has to offer.
Are you originally from Lebanon and where did you grow up? To which extent did your biography influence your career and business?
I am Lebanese, born in Ghana, Accra. Lived and studied in London then came back to Lebanon for University. It was a critical age (17-18) coming back to a country that’s new and so rich in my opinion. I had the choice of going back to London after I graduated but I wanted to stay here.
I think that I have learned a lot from the different cultures that I have experienced while growing up. It helps to know who you are and be more independent and open to other cultures, identities etc.
The Middle East is historically and culturally rich and has always been the interface between East and West. As such, it is abundant with style and can enrich the world of fashion with its unique flair and bring more diversity.
Did you always dream of starting your own business?
Of course, I always knew I would start something. I was waiting for the right time, no matter how late. But it had to be different, offering something new, filling a niche. I think if you believe in something strongly and work hard on it – it will be rewarding. Not necessarily financially. But the satisfaction you get from a nice email sent by a customer thanking me for my services means the world to me.
Is it a full-time job?
Yes it is. I love it. I work from my home office. It’s not a 9 to 5 job but I am always online somehow, via my laptop or my Blackberry when I have to step out to run errands etc. I have a 4 year old that is now already interested in what I am doing and another one due in December. But I still freelance for regional magazines.
Do you own a store besides the website?
No, but I am thinking of it.
Any specific plans for the future of your website?
Now I am working on making the site better known. I would love to partner up with bigger online boutique one day, who knows.
How do you identify the designers?
Most of the designers I have on board today I have interviewed over the years. I got to see how they work, how passionate they are about their brands and their desire to make a name for themselves in the global fashion scene.
I choose designers who have unique styles and something new to offer, adding variety to the mix. But most importantly, I opt for those who have chosen fashion as a career.
And now that we are online, I receive a large number of inquiries daily from all around the region (Dubai, Kuwait, Jordan, Lebanon and Bahrain) from designers who are interested in joining Fashion Republik. It is exciting to see such a variety of talents finally coming together under one roof.
In your view, do you think Arab designs are special or unique and if so, why?
I would not say they are special or unique as Arabs, but each designer has her/his touch just like any designer out there. They are just like any others around the world, striving to make it in the fashion world. I just think that they are not given enough credibility. Designers like Elie Saab and other renowned Arab designers who reached the international catwalks have already paved the way. We need to walk it.
What's your favorite piece?
Every once in a while I focus on a piece. Just like anyone, I just feel I have to have it. Right now I love the Khaimia Clutch by El Horreya. It is soft, practical and stylish.
What about your brand: what's your mission and five year vision?
The brand name is very important - people like the whole concept of a republic. Fashion could be anything from books to movies to clothes to table clothes. No rule about that in my world.
Anything you want to share re your entrepreneurial journey so far?
It is still early to say. But I think each day should be treated as if it is the first day you are starting an idea. It is never good enough.
What have been the biggest challenges so far?
Having people trust online ways of shopping but we are getting there.
Another challenge is making sure that all the items online are available. It is not funny if someone pays for something that is out of stock. So I have to always be on top of things and trust that my designers are also doing the same.
What has been the most exciting moment?
My first real order, after my best friend and sisters bought. I wanted a client I didn’t know to buy from the site. When that happened, I was over the moon.
Any recommendations for other aspiring entrepreneurs?
Just believe in what you are doing and remember that you must stay true to yourself and always respect others. You need people and you never know what will happen tomorrow.
share this:
© 2010 knowwhatandwhere.com |