Rent the Runway, a popular designer clothing rental service, has recently undergone a significant change in its membership offerings. The company has decided to discontinue its unlimited swap plan in favor of a new pricing structure that allows subscribers to rent four, eight, or 16 pieces a month. This decision was communicated to customers through an open letter penned by Rent the Runway’s co-founder and CEO, Jenn Hyman, which was shared on the company’s social media platforms.
Previously, Rent the Runway provided three membership options – a $89 per month plan for four items with one monthly swap, a $135 plan for eight items with two swaps, and a $159 unlimited plan for four items at a time with unlimited swaps. However, the unlimited plan has been replaced with a new $199 plan for 16 items per month with four swaps.
The rationale behind these changes is to cater to the majority of members who were renting fewer than eight items a month. Rent the Runway aims to offer a flexible plan that aligns with their customers’ evolving lifestyles, needs, and budgets. The more affordable plans provide access to everyday wear, while the higher-tier plans include eventwear and premium styles.
In addition to the new pricing structure, Rent the Runway has introduced improvements such as the ability to create a new shipment before the previous one is returned, leading to faster turnaround times. New subscribers can also benefit from a complimentary replacement shipment within the first two months of signing up.
These modifications come at a crucial time as Rent the Runway adapts to the challenges posed by the Covid-19 pandemic. The shift towards more casual work-from-home attire and reduced demand for event and workwear pieces has prompted the company to adjust its strategy. As a result, Rent the Runway made the difficult decision to close its physical locations permanently and lay off furloughed employees.
The updated pricing structure and membership options demonstrate Rent the Runway’s commitment to staying agile and providing a service that meets the needs of its customers in an ever-changing world.
For those interested in exploring Rent the Runway’s new membership options, visit their website for more information. Additionally, you can follow Rent the Runway on Instagram for updates and style inspiration.
